Quote from @Brady Ascheman: Hi everyone, when meeting with my CPA recently I was instructed by here that if you obtain "Real Estate Professional Status" as per the IRS rules then your rental income become "active" instead of "passive" income in the eyes of the IRS.

The instruction stated it should go on form 4797, and the loss is subject to unallowable loss limit.

Quote from @Heidi Johnson: Quote from @Brian Van Pelt: Quickbooks is straight forward and does not require an 85 Doller version.

Quote from @Zeona McIntyre: @Zach Howard I am working on a how-to book on Creative Financing now (I am the author of BP's book on Mid Term Rentals) because when I was teaching myself I was frustrated at the lack of clear instruction.

Agree 100% always be careful and always verify wiring instructions 

My goal is to place tenants soon and then move on to my next investment.While it sounds straightforward to rinse and repeat, now that I have this property, I'm wondering what my next steps should be.

In my mind, at least, this eliminates this “send $650k to the title company with instructions to send it back to you”.  

Any concerns with doing this rather than a straightforward sale and having them handle trust steps after the sale and without our participation?

Contract I have in my mind are pretty straight forward with basic things like scope of work, timeline, price etc. 

, clear laminated instructions inside the unit, etc.Also very important to consider scale--if you are planning to have several STR's in the same area, then it's wise for you to invest time now to build your team there and manage the place without a co-host.