New to STR -Excited but scared- need to learn!

[Rebecca Gona]

Hello,

I'm looking at starting my STR journey to offset W2 income. I've been doing a lot of research which is making me nervous but also excited.

Need:

- Good CPA

- LLC

- Narrow down to 3 markets of interest: Santa Rosa, Palm Springs &  ??

- Financial analysis 

- Take the leap and don't be scared! 

What am I missing?

[Travis Timmons]

Be warned - getting a short term rental to market is expensive, stressful, and exhausting. You spend a giant pile of money before you make a dime of revenue. Plan for a few months of "Oh crap, we're spending so much money; this better freaking work." 

The only other advice that I would give is if your primary motivation is to save on taxes, don't do it. You can only get 40% bonus depreciation at the moment. Maybe the 2017 tax and jobs act gets extended, but either way, if tax savings is the primary motivation, don't do it. 

Market selection is tough because there are so many choices. Pick up the phone or stop by local code enforcement offices to make sure that you have a crystal clear understanding of local laws and regulations. Do not trust what a realtor tells you to be correct. 

Good luck...I have nothing to sell and would be happy to help if you think that I can be a resource.