First property, Live in Flip / Rental ADU

[Tyler Simone]

Hello BP,

Long time reader first time poster, Thank you for all of the knowledge you have shared over the years! We are buying our first house, We are using a mix of the live in flip, and house hack strategy. The property has a 3 bed 1.5 bath main house which is in need of renovation which we will be doing all ourselves ( I am in the construction industry so i am not worried about the renovations). As well as a cottage which needs some renovations and then we we will be renting that out. This is both our first experience as homeowners but also as landlords. What are your suggestions for someone just starting out in our situation. Our current roommate is likely to be the one who moves into the cottage which i know can have pro's and cons. 

Would you suggest separate bank accounts, I am not sure we need an LLC with this property at least not at first given that it is an ADU and we do not want to put our personal property into the LLC.

As we are interested in getting more into real estate investing in the future i am using this property as a learning experience and a way to get all of our systems up and running. I have heard a lot about Cozy, any suggestions on a platform like this?

Anyone have experience renting an ADU on their personal property, curious if it is the same as any other rental or if there are some things i should be aware of since it is on the same property.

Any advice or thoughts you have would be incredibly helpful!

Thank You in advance for all of your help!

-Tyler