First, we have an entity for operations and short-term holds (less than one year).

I’m a licensed real estate agent operating in central Maryland.

In a state like California, you may be wise to operate on a month-to-month lease so problem tenants can be removed easier.

This number is NOI (net operating income) after debt service.

I purchased my home and have operated it as a luxury house hack.

There's an RE Investor/Short-Term Rental Operator that approached me for a long term Lease 2-3yrs initially or 5-6 yrs later on if it works out but he would then rent it out for short-term 5-6 days as corporate rentals. 

I am in the early stages of investigating and have been using the IRS.gov website to familarized myself with the FAQ section to try and understand the parameters of operation for those seeking the program benefits.

I never want to see anyone saying I act in a manner that is not defensible especially in a court of law should it ever come to that, as we operate in this litigious society of ours.

Maybe because my operation is just so small that they didn't even bother. :)  Hope you will share with us your progress.

@Andrew TozziFor best practices, it depends on how you "operate" I suppose.