Converting LTR to STR

[Gini Dutt-Roye]

Hi everyone! I'm a newbie! We are considering converting our LTR to a STR. Do we need to take any special steps? Is it advisable to create a LLC for this one property or purchase umbrella insurance. We are very new to this.

Thank you 

[Will McClure]

I'm no expert on the LLC or umbrella insurance, but I would strongly suggest verifying the STR regulations/taxes/zoning in your area. Depending on where you live that could be a roadblock.

You should research 
1) city's website for any notices of permits/licenses/certificates you need to complete as well as any tax responsibilities 
2) depending on local laws there may also be a lodging tax for the county (usually, but not always Airbnb/VRBO collect and remit these for you).

3) verify that the zoning of the property allows STRs

In what area is the property you're looking to change to an STR?