If you have any plans/drawings, sq ft numbers, pictures, or material counts handy to share with a subcontractor, you can use this to get bids.

The key is proving you materially participate, meaning you’re actually managing it day to day.

I would also make an excel sheet with a list of materials that you buy from home depot or lowes that you can just order, or if the contractor is good, they can order.This was a struggle but my life became easier once i figured this out. 

My local banks either want too much down or want me to have a material list of absolutely everything the property needs.

How are you handling tighter spreads with higher materials and labor costs?

And, for amounts that are material.

Where STRs differ (and why people talk about them more)Short-term rentals sometimes qualify as an “active business” (if the average stay is under 7 days or you materially participate).

If your partner qualifies for REPS and materially participates (and you elect to aggregate rentals if needed), rental losses can be non-passive and offset your W-2—subject to basis/at-risk limits. 

There are two main tests for the STR loophole:1) Material participation2) 7 days or less is the average stayTherefore, in the real estate world, MTR is usually 30 days and more and would fail the second test. 

That's not the shinny metal getting worth more, it's your dollar getting worth LESS.