Ask yourself what your goals are, form a plan, calculate what size investment you can make, and stick to your plan. 

Every broker’s OM is different, but it’s typically an analysis of the surrounding area, their version of the financials, their version of a pro-forma (how they think the property will operate after you renovate or purchase the property), what they believe the cap rate to be if purchased at asking and if all their numbers are correct, pictures of the property, current property vacancy rate, etc. - Property Tax Information.

The reason that I say it is a home run deal is because of the following:- It's already occupied- My local partner @Damon Caldwell will manage the property- CoC = 19.19%- Pro Forma = 10%- Cash Flow = $745/mo- 5-year Annualized Return = 20%My local partner and I have also signed our first SLO deal as of today!

Just like any turn-key investment, be weary of their pro-forma (projected returns).

Not arguing with your attorney, as I'm not one myself, just wondering what his reasoning was on this one.Unless your attorney objects, I'd form a new LLC for your new property and keep the STRs in an S-corp, as your current CPA suggested.

My $0.02 as a new investor is you should form as many deep relationships with knowledgable people as you can.

Don’t trust their pro formas.

Once it's under contract, then form a multi-member LLC for the specific property. 

Generally speaking, projects that require you to be active have better returns at least on the pro forma level.

Should we form a business?