All Forum Posts by: Kwanza P.

Hey @Kwanza P.. Like others have said, you don't need an LLC to get started with STRs.

If you own a single unit or even 2 or 3, simply make sure you have the best insurance to cover any issues as well as an umbrella that can cover any excesses.

Plus the major key will be maintenance. Keep up on any thing that crops up that needs repair. Even little things like a loose outlet.

If you have decks and stairs, they need to be perfect. No loose boards, popped screws, solid railings.

Don't put it off for even a day to get them repaired.

This is an interesting thread.  I do not have any relationship with them but do know they seem to be extremely knowledgeable.  One thing that stuck out here is the navigation and coordination of legal/asset protection and CPA/Tax services.  Our firm decided to integrate the two a few years back because of the constant push/pull and inconsistent advice between the two services...thus, we determined finding a strategic legal/asset protection partner, versed in our tax planning, was the correct route to go for our clientele. 

If you do the consultation, you want to be clear on which entities are Operating Entities and which are Holding Entities. And which manager managed vs member managed and what agreements needed between the entities and who provides and maintains. It's a big fuzzy hot mess.

@Madelaine Au  wondering if all worked out with Royal Legal Solutions. I am in the same boat, had the consultation and wondering/deciding if going forward with them. the price tag 10,000 scared me. thx-