Short answer to your questions is if you have a properly set up LLC then all transactions (lease agreements, invoices, etc) are under the entity name.

Hard Money Loans: These are short-term loans from private lenders based on the property's value rather than your credit score.

We have been taking over rentals for long term that were previously short term for all the same reasons you've mentioned.

Generally I would say short term projects. 

The expected returns are a mix of cash flow and appreciation, ensuring short-term stability and long-term wealth building.Good luck!

Learn how to consistently hit singles and doubles, and don't be ashamed to take the occasional walk. 5 years is a very short time frame to go from no RE to financially free (although you may already have property, which is an awesome start). 

You can always tap into HELOC for a safety net in the short term (not ideal) but there if you need it!

This includes your short term and long term goals.Good luck!

Someone I know bought a ranch to use as a short term rental property in 2021 for $1.7 million.Engineers did a virtual site visit, they were able to assign a value of $347,000 to either 5-7-15 year assets that were eligible for depreciation.In 2021, the bonus depreciation amount that you could take was 100%.This means that the owner could immediately deduct the full amount of eligible property in the year it was placed in service, rather than depreciating it over time.With that in mind, he took the full $347K deduction in his FIRST YEAR of ownership to offset taxable income from rentals.This was roughly ~20% of his purchase price.It was a big win for him.In 2024, the bonus depreciation rate is 60% so the calculation would be different.That said, you can still save and defer a ton.

The inspections alone cost me $1,300, but that upfront investment saved me tens of thousands of dollars and spared me countless headaches.In short, buying older homes requires more diligence and negotiation, but when done right, it can be incredibly rewarding.