It's important to consult with an attorney or an accountant to determine whether an LLC is the right choice for your specific situation.You can reach out to me and my team who can guide you through the process and help you navigate any challenges that may arise.

I have some money in my savings account but not a lot.

Account Closed 100% they are

@Tar-U-Way BrightYou can use the LLC to set up business bank accounts and business credit cards.

Quote from @Victor Tofilski: @Joe VilleneuveThe other unit was a unique circumstance the tenant only needed a place for 6 months before he moves again so I gave him a different price to account for future vacancy.

Foreign National programs sometimes require that you have US credit and most will want you to have a US-based bank account.

When you pay cash for a $400,000 home and rent it out, your rate of return will likely be less than 6%.You could invest in stocks and earn 7% or better.You could put the money in a high-interest savings account and earn up to 5%.I don't understand why anyone would pay cash for real estate, erasing many benefits that increase the rate of return, while exposing themselves to the risk of loss (turnover costs, bad tenants, capex, etc.). 

That is your denonimator.You also take the cash flow you get from rent minus all your expenses, so at end of day how much $ is in your bank account for the entire year.

My mortgage will be $2,005/month, and I’m budgeting up to $600/month for utilities, leaving a potential monthly cash flow of $995.I also set up an LLC and a business account to track rental income and expenses.Questions:Do you have any advice for me as a young real estate investor?

From an operational standpoint you might also want to consider the cost of any extra tax returns that are needed by the entity as well as any extra accounting fees.Good Luck!