Vacation rental (3 states and Mother involved)

[Bryan Kyle]

Situation:

- Looking to purchase a vacation rental.  

- Involved parties:  Myself and Mother.  She is financing and I am doing leg work. 

- Property in North Carolina. I live in Georgia. Mother lives in South Carolina.

- Will be using a management company at least for the first year.

- Need advice as to the best way to structure (LLC, Trust, Personal with umbrella)?

- Where is the best place to consult attorney and accountant?  Which state or does it   matter?

I realize vacation rentals are not a favorite investment but it will be used by my Wife and I at least one weekend a month throughout the year.  The main goal is to make a little more for my Mother than she would make with a CD or other "safe" investment.  And allow us to give the $300 we would be paying for rent somewhere else once a month to my Mother instead. 

[Account Closed]

Bryan,

Good to another VBRO investor on here. I live in Alaska and started seeing VBRO's as a viable option to make a serious return VS just renting. For example a house that rents for $2k a month could potentially rent for $200-$300 a day. In the summer here they are rented solid. Quite a difference in income.

I haven't looked at LLC info and how to structure but I do know their are a lot of tax rules when renting as a vacation rental. Check with your CPA.

I am also planning to open a cleaning company that cleans my rentals to do some of my own cleaning and charge the company as well write off the cleaning supplies and what not.

Our goal is to have vacation rentals in various places around the US to vacation ourselves into and then rent out to pay the mortgage and cashflow as well.

Curious to read what others post about the legal aspects.