Updated over 10 years ago on . Most recent reply
Vacation Rental LLC
Hello Everyone! thanks for taking time to read this.
I would like to put my current home as a vacation rental property; we plan on renting it out as often as possible, while living here(cleanup before the renters come and cleanup after) there is a booming market in my area.
why? simply due to economic hardship(came from 2 incomes to 1... long story) it might be a challenge but I am determined to make all the laborious part of this plan work.
so to start - do I want to form an LLC or an LLC S Corp? if so, should I lease the property to the LLC? what Vacation rental insurance would you recommend? especially since we plan on living there for most of the time, hoping to rent it at least once a month.
and other than getting vacation rental insurance, is there any other concerns I should look into? my worry is that the property has a pool and i worry about drowning or other worst case scenario....
I'm very new to the rental business- so please bear with me on this.
Thank you!