Beginning a Real Estate Portfolio

[Jordan Copeland]

Hello BiggerPockets Forums!

I am beginning to grow my real estate portfolio. Currently in the process of attaining my first rental property in the Denver market. I have some outstanding questions to see if some of these items are worth it in the beginning stages of real estate investing. My two questions are as follows:

1. Should I create an LLC for this first rental property, and future properties?

2. Should I hire out a CPA for these beginning stages, even if it is my first investment opportunity?

To give some insight and context, I am a new graduate engineer, a year and a half out of college. Moving to Denver before June 1st of this year. Already in contact with an agent and lender in the area. Looking to close on this first property anywhere from mid-March to June. I intend on house hacking this property and pushing for the 5+ bed SFH range. I want to live in Denver and call that place "home", and plan to grow a portfolio in this market (and outside as well). Is it worth it to set up an LLC and hire out a CPA for a financial perspective/tax benefits?

Looking for any thoughts or ideas. I want to take off in real estate investing and any additional knowledge early on will help for this long term vision.  

[Jordan Copeland]

@Bill Hampton and @David M. thank you both for your response.

Bill, I will now be looking for someone that specializes in real estate taxation. I am all on board with paying professionals to handle this type of work, and if I am ultimately trying to systemize a business I think these would be good relationships to build earlier on in the process, especially if house hacking (and future house hacks) will make tax returns more difficult. 

David, I will definitely look into those threads you have posted to gain some additional insight and knowledge in the subject matter. I am leaning more on the side of creating an LLC for the asset protection, but also because in the immediate future I will be investing with non-spousal partners. I currently have three partners (not bound by an LLC, simply just starting out, like me) that are looking to invest in Texas, Arizona, and Nevada, while I have a presence in Colorado. Speaking on this first and for my future rental property investments, I am looking to acquire 3-5 SFH's at the 5+ bedroom range and renting by the bedroom (rather than renting out by the unit). If I can find a triplex or fourplex that is within the means of my budget, I will happily secure one of those properties. For my plan, it will be the SFH's for now, to create a presence in the Denver market and beginning my real estate portfolio.