Opting for a reputable entity within the industry is advisable, and seeking out reviews can provide valuable insights in this regard.When seeking qualification for a hard money loan, lenders typically scrutinize four key factors: company structure, creditworthiness, liquidity, and collateral.

I was wondering what everyone's experience with establishing a legal entity for REI has been like, and when do you recommend a person to do so?

Keep in mind that if you register your company in a different state than you are doing business in, you most likely will need to register as a "foreign entity" in the state you are doing business in.

HELOC: they are out there, but you typically have to hold title in your name and not under an entity. 70% LTV is usually the cap, and rates are double digits (mid teens).

If not the STR needs to be placed in the right entity ASAP, without it you're wide open for a lawsuit!

Question two: I know I should get this put into an entity like an LLC, maybe even Wyoming LLC, but should I spend the money to set this up before I complete the purchase?

You are only going to be dealing with the trustee, who is usually a passive entity. 

Something else to keep in mind is your entity structure and how your entities file tax returns.

You will need to work with a tax professional to analyze your current tax situation (income, deductions, activities, etc.) as well as projected income from the fix and flip business.The benefits have to outweigh the costs (payroll costs, additional tax returns, more stringent reporting and compliance requirements, etc.).One important note - an S Corp is not an entity; it is a tax election.

To what I understand from doing government contracts and basic law, and this could go in the grey area; if you hire somebody today, end the job tomorrow, give him another set of job next week and end 2 days after, then another set will go a month from today, that would basically tell these entities that you are evading the basic taxes, unlicensed contractor law, the whole nine yards.