If you have more than one LLC, each LLC should have its own set of accounts.Checking: Collect all income here, then use it to pay bills, the mortgage, or maintenance.

Unfortunately, I do have a property in an HOA, which often comes with their own set of rules that you'd have to follow of course. 

I never liked Airbnb's or VRBO's pricing structure because it seemed more like they set a price that will get you booked so they can get paid, and not necessarily for the profitability of your listing.

Explore my personal favorites, Set For Life by Scott Trench or The Total Money Makeover by Dave Ramsey, for invaluable financial insights.3.

If you have a seller-financed deal, I can help you line up a DSCR loan and set up a second position behind it so you don’t have to come out of pocket much.

And how much of this (taxes, regulations) is a reaction to investors setting up STRs anywhere and everywhere without any consideration to the neighborhood they are doing it in and the impact on that neighborhood.

The appearance of these conflicts is the exact reason we have chosen not to set up a separate maintenance company.4) As others have said some of these might be security deposit issues.Best,Rick  

It’s humbing and frustrating, but it also teaches you those guardrails you’ll want next time.. like thorough screening, a solid lease agreement that sets ground rules upfront, and maybe even setting aside a bit more cushion in reserves.Chicago’s got plenty of investor-friendly pockets.

Quote from @Michael Poloncic: Three individuals signed a lease together, all friends, the lease is set up where each of them are expected to pay 1/3 of the rent.

We were set to close Friday (December 6, 2024).