Hi everyone! I'm a first time home-owner and investor who's closing on an A-frame in the Poconos in a few weeks. I quit my tech job earlier this year to take a break from the grind and explore other interests (did lots of yoga + pottery). Now, I've become obsessed with real estate for the last 4 months and "work" more now than I ever have at a W-2! This first property is my proof-of-concept of how real estate can help build real wealth without giving up more of my time. Next, I hope to expand my real estate portfolio beyond the Poconos to places like Columbus and Indianapolis. I'm excited to learn best practices from a STR and tax savings standpoint with everyone here. I'd especially appreciate any insight in the Poconos market from those who have had success there.

Dear community I would like to get your thoughts regarding setting a single member LLC as the STR owner. I understand it helps with liability issues but it also increases complexity in terms bookkeeping, separate finances, state reporting, etc. Is there any other LLC benefit I’m not considering? Thanks

I''m getting ready to close on my first property, which is very exciting but also quite nerve-wracking. I'm just wondering if all of the time I've put into finding this property, researching it, talking to realtors, talking to lenders, going through the whole closing process right now, the travel out there, all of that kind of stuff, can I claim that as my hours when I do my STR Tax Loophole processing toward my 100 hours? Also, I'm assuming that I can deduct all of mine and my wife's travel expenses going out there to see it and analyze it before purchasing? Thanks for your help!