Under contract for STR with DSCR... Now what?

[Michelle Hadian]

Hello! We just got under contract yesterday for our first STR. We found an off market cabin in the Smoky Mountains, and it's a fantastic deal. But... now what?

Do we form an LLC before closing and open a checking account in the LLC for all cabin related cash flow?

We will self manage- I plan use PriceLabs, but do I also need Hostfully or Hosptitable, etc?

I'm certain there are forums and BP videos to guide us on the next step, but most the ones I've watched and read are on how to get a deal, or how to finance a deal. I need to know what to do to set us up for success and get launched once we close in 30 days.

Also wondering how best to maintain the past guests who have stayed at the cabin (there are tons of nearly 5 star reviews, that I doubt I can transfer to us- or can we?) They have great listing history on all the major sites.

Thank you in advance for any help!

Deal : 1300 sqft 2 bedroom/2 bath cabin in Smoky Mountains on half acre, furnished, for $465k.   Unfinished basement, so we plan to finish right away and make it a 3 or 4 bedroom with a game room downstairs, doubling the bedrooms/beds/square feet. Has $49k/year in rental history.