First Time Investment

[Michael Wu]

Good morning BP:

I currently accepted an offer on a REO property (offer accepted is $87,000 + 3% closing) and will hopefully be closing in the next few weeks. I just have some questions:

Should I get a CPA for my taxes just for one investment property? If so, does anyone have a recommendation in Washington DC? or Maryland?

Should I just use an umbrella policy or should I form an LLC ($300 annual fee)? Also to transfer the title to LLC I will have to pay taxes on title transfer each time.

I'm going to go through a Property Management Group who handles evictions and such but should I get a real estate attorney on my side as well?

I would love to hear people's opinions on this.

Thanks!

Michael