Diving deeper.. check who’s on their team, how they structure their deals, and whether you’re comfortable with how the profit splits work.

was there an agreement between you and your parents that they should share in the profits / losses of the airbnb / property.If there was an agreement, they should also be included in the LLC.It is best to discuss this all with an attorney.Best of luck!

@Puneet Mahi,Property management can certainly be a profitable business, but it’s more complex than many people realize.

Everything you posted is correct except your definition of “profit” unless you only paid $140k.

These are big money plays life changing profits but RISK you bet..

The best advice is don't buy in any area that prohibits STRs or makes operating them so onerous that you're unlikely to make any profit.

If it has significant upside value, you should consider flipping that yourself or find a partner who knows what they are doing to flip it and split the profit.

Anybody have a nice profit and loss template set up on excel that lets you plug in your numbers each month? 

Your value is, to provide sellers that don't want to list, with a way to get cash for their house and provide buyers with discounted off-market properties they can buy to make a profit on.I am not saying it is not possible to wholesale from the MLS, but it seriously defeats the purpose.Focus on becoming the person/company that offers the most and best value and you will succeed.

I want to use the profits from flipping in my home market to obtain and pay off properties in a better cash flowing, landlord friendly market.