If you self manage, its not uncommon for a lawsuit for the manager to be named personally, so LLC would not help there.5.

Otherwise, it’s treated as a partnership requiring Form 1065.Get an EIN (Employer Identification Number) from the IRS (free) for tax and banking purposes.Separate personal and business finances by opening an LLC bank account and keeping rental income/expenses distinct.Consider an operating agreement, even if not required by state law, to define ownership and responsibilities.Liability protection: An LLC helps shield personal assets, but you may still need landlord insurance and an umbrella policy to cover lawsuits and unexpected claims.Tax strategy: Rental income typically passes through to your personal return (Schedule E).

When my youngest went to school, I changed my license status to Active, and have learned and enjoyed helping people buy/sell/invest for around 7 years now.Everyone's journey is different....you might one day no longer be a firefighter...you might move to another state....you might want to buy a house one day and having a real estate license could save you some money. 

I'd be happy to connect and see if there's any way I can help!

I'd like to shoot a long shot of hoping someone knows someone or can help me in any way.

My focus is simple: helping out-of-state investors like you unlock the full potential of the Birmingham market.

I'm passionate about helping real estate investors maximize their tax savings through strategic depreciation.Cost segregation is a powerful financial strategy that allows property owners to accelerate depreciation deductions by identifying building components that can be depreciated over shorter timeframes.

Hope that helps- stop worrying about if you are wrong or right- it's a matter of whether there is opportunity or not. 

Since you're considering renting out the condo in 3-5 years, refinancing could help reduce your payments later.

Your check will come in the mail.It fairly straight-forward process.Hope that helps.