I was thinking perhaps it would be easier to just bring a general contractor to walk the site and provide an estimate on all the rehab costs, rather than to find separate contractors for each specialized task.For those of you who have worked on fixer-uppers, did you bring a general contractor to walk the property with you and give an estimate on rehab costs?

I've done this with my properties because I'm well known in my small town and don't want people to know what I own.LEGAL PROTECTION: By placing your assets in an LLC, you are legally separating them from your personal assets.

Hi Irie,I'll start off by saying I am not an attorney or CPA but here's what I do - if my property is in an LLC, I have a separate bank account setup with it's own EIN and pay everything, including housekeepers out of that account.

Over the next week I was visited on 3 separate occasions by families who paid someone on Craigslist $100 for an application and were here to see the house or actually two of them thought they could move in that day! 

For HomeReady loans, financed properties owned by a non-occupant co-borrower that are owned separately from the borrower are excluded from the number of financed properties calculation.https://selling-guide.fanniemae.com/sel/b2-2-03/multiple-fin...

I don't think there is a separate property management license.

But we do want the option to use it as a short term rental in the future.Do I need to go the ADU route - separate address, utilities, etc?

Requiring renter's insurance (separate from your property insurance) is also very important since they typically would not have the cash reserves to pay for a major damage such as water damage, ruined floors, fire/smoke damage, and you will be sued by 3rd parties if something happens to them while at the house if they have to go to the ER. 

In total we will have 1 LLC and two separate trusts.All that said, I guess my questions are as follows:-We need to set up an operating bank account for renovation work for our new property, should we set this up through the trust, through our existing LLC or just pay using our personal accounts?

One of the books I have read suggests that I should use a separate banking account to handle all the income and expenses for one rental property, even if I do not use an LLC.