First short term rental!
Hello all,
After much analysis paralysis on my part, my girlfriend and I have just purchased our first investment property. To mitigate risk, we decided to house hack a 3/2 home with a detached 1/1 MIL suite to rent. We are set to close late February, and we're getting more excited for our new journey by the day! We are minutes from Panama City Beach, FL and have decided to use the MIL suite as a STR, with a LTR as a plan B. The property is mostly turnkey, with the exception of furnishings and we really want to have a game plan down to hit the ground running after we close. Where should we focus our efforts in the meantime? Should we form a legal entity? What kind of insurance should we carry on a STR? Which platforms are best? So many newbie questions....