Try to always remember and apply the KISS principle (keep it simple). 

For business owners, having a separate legal entity, such as a corporation or limited liability company, provides the unique ability to create a credit identity with business credit reporting agencies, also known as a business credit profile.Reality check:  > Funding your business with your home equity or personal savings/guarantee is a HUGE risk  > ~45% of Small Businesses applied for a Business Loan in 2023  > Less than 2% of SBA Loans are actually funded/approved  > 29% of Small Businesses FAIL because thee run out of Capital  > Your company’s name on a credit card is NOT corporate credit (if you used your FICO score to get it)  > Business (EIN) credit will open new ways to finance your growthIf you keep doing what you've always done, you'll keep getting what you always got!

The way I understand the world is that everything is applied mathematics and physics...

@Elizabeth Nolan, I certainly don't know your area, but I only see two items on your list that could potentially add any real value.Patio space: this only applies if there is not already any type of outdoor living space.  

Of course, all markets are different, so that certainly doesn't apply everywhere.  

If you're actively involved in the development and management of the property—like overseeing construction and handling other key activities—the IRS might consider it an active STR business, which could allow you to apply the depreciation against your W2 income.

If so, could you recommend any LLC templates or other forms that apply to this specific type of situation?

., other borrowers in your market, contacts for tried and proven contractors, etc).Of all things to do, you should not hide and ignore phone calls.And last but not least, if none of that works, list the property in hopes to recoup your losses and let another investor take over and get out of the project and take the lessons you learned and apply them to the next one.

If that property is till under the LLC you will need to purchase under the LLC.If you have taken ownership of the sale proceeds your next homework assignment is to look into Qualified Opportunity Zones and Qualified Opportunity Funds (QOZ, QOF), note the same accredited investor status still applies. 

My goal is to take what I know, learn more, and apply it to my everyday intentions.