Short term rental in Orlando - Ownership/Management question
My siblings and I decided to purchase a home to be used for short term rentals in Orlando, FL. My sister and brother live in Panama (Central America) and I live in Maryland. We decided to buy property cash in my sister's name only. She closed on the house last week.
Since she is out of the country, the idea is that I manage the property. Our idea was that she gets all licenses (with ITIN) and all taxes for sales and use and tax on rental income is filed under her name.
But now (while listing the home) I realize that if I list it in homeaway/vrbo and use their payment service and same for paypal payments, since it is my accounts, I can be reported to IRS (1099K) for such income (it is my understanding that this happens if they process 20k or more for me).
The bank account has been set up under both our names, but I was wondering if anyone can provide insight as to how we can handle this situation. While I could manage and pay taxes in all rental income, the property is not under my name... I really dont know how to work this out.
Any help is greatly appreciated