In that case, you'll strongly want to consider what putting personal-use property inside of an otherwise business-use LLC would do to the liability shield, as well as insurance and tax reporting.There are several considerations that can go into the analysis of whether you need an LLC or whether a large insurance policy will suffice.

Partnering with a strong team—such as a knowledgeable realtor, property manager, and reliable contractors—will also be key to your success.

I own and operate a STR nearby in a strong area (Morningside just off of E Warren).

Just make sure to do thorough research and fully update yourself on the changes in the local market to ensure strong rental demand and solid market data.Diversifying your investments by owning multiple properties spreads the risk and helps maintain cash flow.

Prior to getting my license, I had some great agents that were strong at negotiating. 

I then spent a majority of my free time learning as much as I could on the different styles and strategies that have been utilized in the past, reading everything from Lynch’s One Up on Wall Street to Graham’s Security Analysis, to learning how to build out financial models in excel.

LOC on business purpose doesn't really make sense from a lenders perspective.Think about it, you have to tie up funds and not earn a return until the borrower wants to use them.Time is money and if your lending money you want a return each day your money is out.I'd strongly recommend just going with a cash out refinance and avoid spinning wheels looking for a LOC. 

The combined cash flow and appreciation from these new investments could potentially surpass what you're currently earning, even if the immediate cash flow isn't as strong.

To convert STR to LTR, evaluate rental comps, hire a property management company, explore multifamily properties in strong markets, and use a 5% Fannie Mae loan to buy a multifamily property.Good luck!

**Privy** tends to offer strong MLS data, **Propwire** focuses on off-market properties, and **Backflip** specializes in investor-focused analysis.