The LLC is "it depends" go through the advantages and disadvantages and look into getting your estate plan put in place too.  

Once you understand LLC and irrecoverable trust would give you more harder time getting financing, then you start having second opinion, this is also true for what people hearing about this and that tax advantage in real estate and stuffs.

If you operate the vacation rental as a short term rental, you will be able to take advantage of taking any losses you have on the property against your ordinary income.

If the primary goal, and it should be, of every investor is a return of capital and the secondary goal is maximum return on that capital, then you are in a great position.The real problem you need to solve, as I see it, is taking advantage of the unused equity in your Atlanta property.

Pros and Cons of Off-Market DealsLet’s break it into pieces, How to Find Them, Advantages, Risks, and Tips,How to Find Them: Being proactive involves driving around, knocking on doors (sometimes engaging with people who aren’t in the best mood...), making cold calls, and sending mailers.

This way, Tenant A gets a little financial "help" beyond their actual expenses and for Tenant B, it's a total choice to take advantage of a W/D or not.

It sounds like the plumber took advantage of the situation. second… Many property managers wouldn’t know much difference between a hammer or a screwdriver so expecting them to go assess the situation is not practical.

But even with that, he needs someone to guide him or JV with him who isn't going to take advantage of his youth and inexperience.  

@Scott McGadden, It really doesn't provide an advantage to pay the mortgages off before selling. 

This is a great place to connect with people so take advantage of all the great resources.Welcome aboard and best of luck investing!