If you are trying to get a cash out refi, I would think the bank would want to see the correct type of insurance for the business you are running.

@Clinton Davis The Beneficial Ownership Information (BOI) reporting requirements under the Corporate Transparency Act (CTA) have been reinstated after a temporary injunction, with initial reports now due by January 13, 2025, for companies formed before January 1, 2024.New entities formed after January 1, 2024, must file within 90 days of creation.

Quote from @Cody Caswell: Quote from @Bruce Woodruff: You're correct that getting every detail involved right from the start is critical!

If I remember correctly, there is a provision for properties with Fannie and Freddie loans to be moved to single-member LLCs after 12 months of seasoning if the only member of the LLC is the owner/borrower on the loan. 

A CPA familiar with local STR regulations can definitely help make sure you’re set up correctly!

@Brice Alef-Torrisi putting each property in its own LLC is usually overkill.Getting a bank account for each LLC is typically something you need to do to avoid "piercing of the LLC corporate veil" (actually depends on tax selection you made for LLC), but is also overkill.You haven't indicated how you are holding the deed for the latest property.If in your name or same LLC, you don't need a separate bank account.If in separate LLC, you can create a Master LLC, have each property LLC hire the Master LLC to manage their affairs, and just get a bank account for Master LLC.This is an opinion, not advice, so lookup CPA Frank Alcini in Troy for expert advice.

@Pranita Maldikar From your report, it appears you're looking to put $119k down on this property, is that correct?

We handle everything—from guest inquiries to maintenance—allowing you to enjoy the freedom and flexibility you deserve, no matter where you live.Some of our main services include: FREE maintenance and regular inspections (yes, you read that correctly—free), professional cleaning management, supply management, smart pricing optimization, 24/7 guest and homeowner support, and more!

We handle everything—from guest inquiries to maintenance—allowing you to enjoy the freedom and flexibility you deserve, no matter where you live.Some of our main services include: FREE maintenance and regular inspections (yes, you read that correctly—free), professional cleaning management, supply management, smart pricing optimization, 24/7 guest and homeowner support, and more!

Oakland in general is seeing a correction in the past year, likely to continue into this year.