After all, why should the IRS believe a run of the mill conference conducted on a cruise ship is a legitimate business expense if the person doesn't attend similar conferences held in that persons home town? 

.- borrowers are already in distressI wouldnt go anywhere near this, especially because I do not and will not conduct business in CA (I see you're based in CA).

There are markets that are performing better than others but AI keep hearing that many STR owners are struggling right now.If you are going to buy a second property, make sure you run the numbers and be conservative with them to make sure you have a buffer.Maybe consider a smaller cheaper property for your next one that appeals to the bargain shoppers and smaller families.I also love my LTR's that I buy cheap and fix up.

still have to conduct the weekly updates.

I don't want to pay him because I feel he will come back asking for more.We now have a property manager, they conducted their own inspection, collected the keys and also mentioned that the contractor left paint stains on the floors all over the house. 

Just like Open Door has no "right" to continue having investors blindly throw money at them for a product they do not understand.Investors are going to read the info that's out in the public domain, watch how Brandon Turner reacts, watch how this guy Mike conducts himself in the face of public scrutiny, and make their decisions on whether to invest, or not to invest, from there.The bar for selling a good product to the public is not simply selling something that isn't illegal. 

You hire a management company to be your eyes and ears, so it’s crucial they conduct regular inspections.

My one suggestion: do not conduct business with anyone (here or anywhere) without having your lawyer and maybe even your CPA reviewing all the paperwork.Also, stay far away from LPs.

Each state conducts these a little bit differently and it's important to know what is accepted in each circumstance.

Failing to conduct thorough due diligence could saddle you with the seller's hidden debts