Rental purchase 4 airbnb. Do I form my LLC before repairs 4 taxes
Hi everyone. My name is Jonathan I'm looking for some guidance and direction. I've purchased my first rental property in a mountain resort adjacent in the San Bernardino Mountains of Southern California. It is a small 1080 sq. ft. 3BR/1BA with detached garage proximate to local ski resorts. My goal is to make it a short term rental on Airbnb. I want to form an LLC entity to protect my other assets but also to manage the investment as a business. The property requires numerous upgrades and repairs. For tax/accounting purposes, is it necessary to form the entity before hiring contractors or making purchases for projects that can be DIY? With current and new tax laws I want to do my best to leverage the tax code and avoid more first-time investor mistakes. In addition, for those that have experience in airbnb properties with some success, could you share/impart some wisdom as to how you address accounting, tax planning, and entity formation. Thank you. I really look forward to any help as I am combing through other member questions and blog articles.