Or, the trust (with trustee other than yourself) owns the property with LLC as beneficiary.Costs: LLC registration, annual secretary of state fees, agent for service fees, bookkeeping fees, tax prep fees, attorney fees to unravel structure mistakes, others I can't think of.Also, there are challenges getting title insurance, property insurance and loans for a trust.This is a way to get your name out of public record, no comment on whether it's good or bad. 

@Shawn NofzigerHi Shawn,I came across your post and while I am a long way from Lansing, I work with a ton of new and aspiring investors and the challenges they have getting from idea to action. 

I look at every single item in the pro forma and imagine that it is complete BS, and see if I can challenge it.

Yes, technically that is correct.

That's the challenge with doing a 1031 with multiple properties.

Challenge is that I have an exclusive agreement with the seller because they wanted to list it, but changed their mind.  

Congratulations on getting your foot in the STR door, starting out is always a challenge to new host but dont worry you will get there. 

I'm not sure if you're in the flatter northern half of the State or the hilly south half and/or if a berm could be built in the backyard or who, if anyone, has a yard that joins yours.The challenge of course, if finding the right person.

While running a large group of small landlords in Philly, i have visibility into the full realm of challenges that new investors face - and some are quite overwhelming and totally unexpected because they jumped in without fully understanding what they jumped into. 

If you SLOWLY add variables after you have solved the same problem a couple times it gets easier with less risk.I sadly had a very hard time with FOCUS and switched things up on nearly every project, creating new challenges.