If you’re starting an Airbnb or short-term rental, you can’t deduct your startup costs—like LLC setup, legal fees, software, or consultations—until the property is actually available for rent.

These tools could be helpful for you if you are concerned with anonymity and/or asset protection as you grow your portfolio.Note: This information is for educational and informational purposes only and does not constitute legal, tax, financial, or investment advice.

By putting the right legal and financial structures in place, you can help protect your personal wealth, minimize litigation risks, and limit creditor access.

You don't have a lease, so you are holding their money with no legal right to keep it. 

My comments here are as to accounting, not legal advice. 

Note: This information is for educational and informational purposes only and does not constitute legal, tax, financial, or investment advice.

Real estate agents are not usually lawyers, so they would most likely not review the legal documents outside of the offer/acceptance submitted to the other party). 

And while you may “get away with it” 20 times, it’s the 21st time that may get you.There are lots of people who have lost lots of money and ended lots more who ended up with criminal convictions for taking bad legal advice.  

Any input on best practices or legal/strategic next steps would be greatly appreciated.

Just make sure to follow all legal procedures.