That holds a lot of risk in money, time and stress.

Investment Info:Single-family residence buy & hold investment.

Holding the note that you originate is a depreciating asset.

Though, this process will be the same for the other state (if you created a CA LLC you may need to register it as a foreign LLC in the state in which you are doing business/holding property).

However you can still make money doing it, its just not hand over fist anymore.

On the flip side, holding onto equity allows you to maintain the proven income stream from your established STR and retain a valuable asset.

Memphis holds unlimited opportunities.

Rather than lock in a year lease I tried my hand at short term rentals considering the house was located near the beach in a tourist town, it just made sense.

Investment Info:Single-family residence buy & hold investment.

That is what the attorney is for.Because you made the MISTAKE of letting this tenant know you are the owner (nothing good ever comes of this, despite what many posters state), you may need to tell a white lie to extricate you & your wife as the "bad guys" he'll hold responsible.Maybe tell him your "partner" is taking over because they don't like how you're managing the property.