1st STR Under Contract -- Direction Please?

[Account Closed]

Hi all,

Our offer was just accepted for a condo on the beach in Miramar Beach, FL! This is our first foray into REI aside from our primary home (which while it technically is, I guess, I don't really consider REI). My understanding is that I will want to set up a Florida LLC to hold this property. Then, possibly set up another LLC (in another state) to hold the FL LLC. Is that needed and/or useful? I'm taking out a personal mortgage for the property. Should the property go into my name at closing, then later transfer into the LLC? Or should I have the LLC set up and title directly into the LLC at closing? Does it matter? Since I'm just getting started in this realm, I'm also needing to "build my team", so if you have recommendations, please send them my way. I'm not sure what other information is needed or helpful for you to provide guidance and recommendations, so just let me know if you need more info to provide useful responses.

Thanks,
Chad

[Mark S.]

@Carlos Ptriawan Even if it’s non-warrantable there are often local banks who write portfolio loans at good rates. Been there, done that.