Vacation rental (3 states and Mother involved)
Situation:
- Looking to purchase a vacation rental.
- Involved parties: Myself and Mother. She is financing and I am doing leg work.
- Property in North Carolina. I live in Georgia. Mother lives in South Carolina.
- Will be using a management company at least for the first year.
- Need advice as to the best way to structure (LLC, Trust, Personal with umbrella)?
- Where is the best place to consult attorney and accountant? Which state or does it matter?
I realize vacation rentals are not a favorite investment but it will be used by my Wife and I at least one weekend a month throughout the year. The main goal is to make a little more for my Mother than she would make with a CD or other "safe" investment. And allow us to give the $300 we would be paying for rent somewhere else once a month to my Mother instead.