It’s just not how the tax world works.

It is worth digging into the details with a professional.

In fact, it is likely to backfire by creating very significant extra hurdles (like double-entry bookkeeping and commingling prevention) and very significant extra costs (professional level bookkeeping and possibly the need to file separate partnerships tax returns).Allegedly, LLCs could enhance your asset protection, but not being  an attorney I cannot comment on it.

You would have to meet REPS (real estate professional status) to turn your MTR to non-passive to offset other non-passive income.If the average stay per guest is 7 days or less, then we're talking about the STR tax strategy, and therefore REPS requirements would not be necessary.

Do not try to qualify as a real estate professional with a w2.

., I always tell people to get referrals for REI-savvy tax professionals through trusted people or businesses who have experience with the tax professionals they are referring.Our bookkeeping firm's client base consists of 100% REIs, so we keep a list of REI-savvy CPAs whom we refer to our clients and others who ask.I'm assuming you need both tax advisory and tax filing? 

These logs regularly end up in the Tax Court and are usually destroyed upon review.

Does a cost segregation always need to be handled by a professional, or is there a way to get the tax benefits by doing some of it yourself? 

get a re license and work at a brokerage that is the best way to be full time RE.U dont have to change what your doing.. but on your tax return you would put RE agent/Broker..

Readers should seek professional advice.Great information providing clarity.The one thing I’ll add is that having an LLC own the property enables the investor to choose the LLC to be taxed as either a corporation or S corp.