I live and invest in the area, and while I don’t personally have any units third-party managed on the Nebraska side, I’ve heard great things about Kouri Management.I hope you are able to make it work with a new manager, but if you keep having issues please reach out. 

By the way, a valid contract requires a transaction implying both parties get something.

Treat it like a related-party sale.Here’s how it breaks down:In LLC #1 (the flipping/rehab LLC):• Record a sale to LLC #2 at the price the refinance was based on (usually the appraised value or the loan amount).• Pay off the hard money loan.• Whatever cash-out is left goes to LLC #1 as profit or return of capital.• If LLC #2 didn’t pay the full amount yet, record it as “Due from LLC #2” (intercompany receivable).In LLC #2 (the holding LLC):• Record the property as a new asset at the amount it refinanced for.• Record the new long-term loan.• If you paid LLC #1 with cash-out or equity, record that as “Due to LLC #1” (intercompany payable).Big picture:LLC #1 got reimbursed for all the money it put into the project (purchase + rehab) and keeps any cash-out.LLC #2 now owns the rental and carries the new refinance loan going forward.It’s simply an intercompany transfer wrapped around a refinance.Two sets of books, two clean entries, and the numbers stay honest.

The best part is you get to meet a few great people whilst you're doing this, too.  

You’re not obligated to become part of a housing subsidy program, especially one that requires handing over sensitive info through third parties.5.

Why would any investor every purchase a tax lien if any 3rd party can just wipe them out by purchasing the same lien without any of the accrued interest or fees 3-years later?

Great points, Jeff — and you’re right to highlight that the expense ratios are unusually efficient for a coastal STR.A couple of clarifications on the numbers:The current owner self-manages, which keeps cleaning and maintenance costs lower than a third-party STR manager would typically charge.Some of the repairs and CapEx were front-loaded in prior years (new flooring, appliances, and paint), so last year’s P&L reflects more of a stabilized-operations scenario.The utilities figure is accurate — it’s higher due to being master-metered for the property — but the other OPEX categories are slightly understated if you were to underwrite this as a fully managed, third-party operation.If I modeled it using a professional management assumption plus normalized reserves, the operating ratio trends closer to 48–50%, which aligns with what you mentioned for coastal STR multifamily.I appreciate you calling that out — it’s a great reminder of how much variance there can be between owner-operated and institutional-style expense reporting, especially in hybrid STR assets like this.Here's the owner's profit and loss statement for the exacts of the 2024 year.

late to the party, but interested

Quote from @Carolyn Fuller: I think you have misplaced the blame for the financial chaos we are experiencing right now.The blame is on both parties. 

Sometimes, a quick conversation about how both parties can streamline communication can yield surprisingly effective results.Have you tried setting up a shared digital workspace or platform where both you and the vendors can update the status of maintenance tasks.