I would still suggest enlisting the services of a professional, however, as someone with more in-depth knowledge of your situation would be able to give a much more personalized and tailored answer for you.EDIT: I can only think of one reason off the top of my head where amending a previous year's return is the correct way to do something that you couldn't otherwise do when filing an original return.

Others might plan to stay longer, especially if the cash flow is strong and the property management aspect is smooth.

@Dmitriy Fomichenko's insights were valuable and served as a reminder of the various aspects involved in this type of investment, particularly the need to outsource the entire operation.

If you ever get sued and want to use the business as a legal shield, having a separate business account that doesn't co-mingle with your personal funds will be important when it comes to the determination of whether what you have is a business or a personal hobby (though there are certainly lots of other aspects of this you need to investigate as well).

Most towns/cities have a master plan for the aspects/areas of the city that they are actively focusing their efforts on, and are pretty thorough with specific plans for carrying out those efforts with estimated timelines etc.

I don't about the building aspect of it, but if you can get it done for a reasonable price, I don't think you'd have any trouble renting it out.

@J Shoe I will start by saying consult with a personal attorney and CPA (and have them work together.)Typically people buy in an LLC just to keep their name off the record and for asset protection and operation agreements.As a sole investor a lot of people will buy in their personal name so they can more easily obtain quality financing, and then move the asset into the LLC.A lot of people of California use trusts (DSTs) to hold the asset, so they are not contributing to the problem of over taxation in CA, as CA has a franchise filing fee of $800 every year for each LLC.Just some things to think about, but find the professionals that can tailor a system for you personally.Cheers

The appealing aspect here is the ongoing population growth and other economic factors.

Thanks for your helpWhen we structure JV Agreements for our clients, we look at several aspects that need to be included.

The below is simply our interpretation of some aspects of HB24-1098.