All Forum Posts by: Kalung Man

Google Florida real estate reciprocity.  You will find your answer immediately. 

I sold a couple in Solara.  I would buy into townhomes.  The single family is too large and requires much more maintenance for small return.  Also make sure you have a very good property management company.  That is key to having a successful vacation rental.  

Kyle is correct.   Adding to what he stated, in the following year you will receive a 1099-R the following year to claim on your tax return.  

Here is the part that many people don't talk about. I am a lawyer and only providing my opinion. This is my understanding from speaking with many lawyers. The company will limit your exposure on that specific LLC but doesn't limit your exposure from personal liability. For example, if your tenant got injured within that LLC they can only sue that company and nothing else. if you get into a car accident and someone decides to sue you they can go after your assets (LLC) and not your homestead home or your retirement plan(s). When looking at risk make sure you look at both directions within the LLC(s) and outside. When you accumulate enough asset consider an umbrella policy.

It depends on the type of relationship you have with your partners. If you have a really great relationship just structure a LLC with equal share and make sure you have a comprehensive operating agreement. Generally I agree with Daniel and see professional advice and structure if this is your first deal and or with these partners. This will reduce the chance for conflict and it will be extremely clear of the ownership and responsibilities.

Depends on the market.  Some market have slower turn around.  For me anything over 30 days in south florida, tampa, or orlando means the unit is over priced.

Depends if the agent is your property manager or not.  Typically it is 100% of the monthly rent.   It is split 50/50 between listing agent and selling agent.

I look at the bottom line return.  If the return is great and use for long term investment than it isn’t bad. 

If the ARV is conservative I would go for it.

I am an investor and real estate agent in South Florida and use Joe Sune from Sune Coast Inspection.   It is a family own business and detail.  Express your concerns to them.  Let me know what else I can do to help.