I’m curious when it comes to taxes with Air BNB is a CPA recommended?
As well can a person Rent an apartment to create an Air BNB in North Dakota?
You have to check the zoning to see if short-term rentals (less than 30 days) are even allowed in that area. Then you have to speak with the Landlord to see if he would allow you to operate a short-term rental in his apartment (he likely won't). Then you can crunch the numbers to see what it would cost to set up and operate vs. what it would bring in, enabling you to determine whether it's even worth the investment of time, money, and effort.
If you get through all that and are actually making money, then you can worry about whether a CPA is necessary (usually not).
@Noah Spitzer , A cpa could definitely be worth it depending on if you are renting it out full time and generating good revenue. You should be able to deduct most of your expenses that are associated with Airbnbing it out.
Rental arbitrage of an apartment is doable as long as it is allowed by your municipality and with the apartment owners/ managers. Always be clear about your intentions when signing a lease. Don’t try to do it with out the owners consent.
Good advice above. I agree with with @Adam Kindwall . Be transparent about everything. When the foundation of a business is sturdy, it can grow. If the foundation is compromised, then so is the structure that is built on it.
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