I Just Got a Rental — What Do I Do Next?

Buying your first short-term rental (STR) is exciting — but the real wealth-building happens when you set up the right systems from the start. Tax planning, compliance, and bookkeeping aren’t glamorous, but they’re what separates profitable investors from stressed-out hosts.

At a Glance

• STR success starts with compliance — the IRS pays close attention to how STRs are reported.
• WCG Inc specializes in STR tax planning and helps investors stay compliant while maximizing deductions.
• The STR loophole can offset W2 income if structured correctly, but you need proper documentation.
• DIY or full-service help: WCG offers both hands-on bookkeeping and guided DIY support.
• Professional guidance pays for itself through optimized tax strategies, stress reduction, and long-term planning.

Why We Chose WCG Inc

When we launched our own STR journey, we personally hired WCG Inc as our CPA firm.

Much of the guidance in this article comes directly from their expertise and educational resources. WCG has made it their mission to help STR investors navigate the IRS rules, leverage the STR loophole properly, and remain compliant while still building wealth.

They stood out for three reasons:

1. Specialization in STRs & real estate professionals
   WCG doesn’t just “do taxes.” They actively focus on STR investors and high-income W2 earners trying to leverage the STR loophole.
2. Plain-English explanations
   The tax code is overwhelming, but WCG translates it into clear, actionable steps — whether you’re managing a single STR or building a portfolio.
3. Flexible support options
   • DIY-friendly: If you’re comfortable managing your own books, they’ll guide you on what’s required.
   • Full-service: If you’d rather focus on hosting and let professionals handle the rest, they offer complete bookkeeping and tax filing services.

From our personal experience, their team made the process seamless — and gave us confidence that we were not only compliant but also maximizing deductions like cost segregation and bonus depreciation.

Recommended Reading: WCG’s Book

If you’re new to STR tax planning, start here:

📘 I Just Got a Rental, What Do I Do? — authored by WCG Inc, this book explains in plain English how to structure your STR for compliance, leverage tax strategies like the STR loophole, and avoid costly mistakes.

We highly recommend it — it’s the same resource we leaned on when starting our own STR journey.

Resources for STR Owners

• CPA Help: WCG Inc – Specialists in STR and small business tax strategy.
• Recommended Reading: I Just Got a Rental, What Do I Do? by WCG Inc (affiliate link).
• Next Steps: Explore our guide on Passing STR Wealth to Your Kids to see how tax planning ties into long-term legacy.

Attribution

This article draws on concepts and strategies taught by WCG Inc. We’ve applied their guidance to our own STR journey, and we encourage readers to explore their resources for deeper insights.