If the manager entity has no real business purpose, it’s treated as an alter ego.

As in - are they treated like furniture or like cabinetry?

Same set of rules though, you treat people with respect, get the deal in writing and make sure everybody is as happy as the situation will allow. 

Good target—treat it like a math plan.

Be prepared to work your butt off and to sometimes not be treated kindly. 

You’ll need a realtor who focuses on investment properties, a solid property manager who’ll treat your place like their own, and a dependable contractor for small fixes.

With a mid-term rental, you largely treat it like a LTR (do full tenant screening, have a good lease, single tenant who is there for a couple of months).

I work primarily with investors focused on short-term rental–friendly oceanfront properties, and something interesting has been happening here:Many of my clients are applying a modified BRRRR strategy to dated oceanfront condos — essentially:Buy older, underpriced units in established resorts → Renovate to STR-grade finishes → Rent on Airbnb/VRBO → Refinance after 12–18 months based on new income comps → Repeat with equity pull-out capital.Even though condos can be trickier with financing and HOA dynamics, the math has worked surprisingly well when:The HOA allows STR operations.Renovations target higher ADR and occupancy.The appraisal reflects short-term rental income rather than long-term leases.I’ve noticed this approach works best when you treat each condo almost like a “micro–multifamily” — tracking cash flow, management efficiency, and appreciation just like you would for a small apartment deal.Curious — has anyone else here applied the BRRRR method to condos or coastal properties instead of single-family or multifamily units?

Treat your long term rentals like a business and you will succeed.

REI is absolutely a business (a very large one) and should be treated as such.