Also, keep in mind that if you do form an LLC, you'll want to keep these under your EIN, not your SSN.Bank AccountCredit CardTitleLoanBookkeeping Ledger

Layer on the ability to invest the funds that otherwise would go towards the down payment and transactional costs and you likely come out ahead in such a short term horizon renting.

We just got a deal under contract subject to the existing financing.

I'll work with an attorney to assist with drafting that.Q2: Yes, I'll talk to my CPA but we'll most likely hold the property for at least 1 year under the LLC given our timeline to design, permit, build and sell the property, meaning I should avoid short-term capital gains.  

So I wonder if I can sell my home in Idaho, purchase the new one under my personal name, then how many months or years must pass before I can setup an LLC as the owner of my primary residence, or if you think that will be a good idea? 

I continue making the underlying mortgage payment myself (autopay) and get reimbursed from the borrowers payment.

We take the T12 roll it forward, we strip out anomalies and one-time expenses and then layer in base assumptions and any known large expenses that are planned for the next 12 months.

And my only asset is that I am under 30, single and can move to any place to make my dream come true.

AND it's recommended to layer in longer term monthly type of payments, like rentals.

I have been renting out the first home to a family member under no official contract, but i want to establish it as an investment property.