Putting an STR into LLC

[Tatiana Zagorovski]

Hello, 

I am a beginner investor. Me and my business partner purchased a SFH in Tampa, FL using a Joint Venture agreement. The original plan was to flip. Now after some additional research we decided to keep the property and convert it to an STR.

Will creating an LLC with both of us as members and putting this house into it be the best way to go now considering the change in the plans?

Thank you in advance!

[David Ramirez]

Hey Tatiana, 

Yes, having a property under an LLC secures you from any personal liabilities and gives you tax benefits. Not too many people now but Tampa has an STR restriction of a min of 7day stays. There are so many people that still do it without caring about Hillsborough STR laws, which is something that I would never recommend doing.

Good luck!

Regards,

David