Starting furnished LTR from scratch, do's and don'ts!
So looks like we are going to buy my Dad's Lakefront home on Lake Belton, and give the LTR market a go. It has a fantastic lake view, and my plan is to begin marketing by contacting the HR departments of the nearby hospital (Baylor Scott and White) and the largest employers who might have a need for executive furnished LTR. Then onto the websites. House was gutted and I am finishing off the remodel as I type.
First - LLC? Seems like the safety is worth the accounting?
Second - looks like I can deduct entirely in the first year that I make to furnish, or upgrade the property is they cost less than $2500. Is this correct or not?
Third - We would likely use the place occasionally when it is not rented, or allow friends to use it. Do I have any limitations on doing this? Might be a dumb question, but was thinking about taxation, deductions and depreciation.
Fourth - How did you furnish your property? The remodel has basically made the interior brand new, and I want to put decent stuff in the rooms. I thought new living area furniture, and perhaps trying to find high end bedroom furnishings via craigslist or Facebook marketplace.
FINALLY - what would you have done differently with what you know now?
Thanks In Advance!