Consider if it will truly benefit your tax position, liability protection, or asset management, or if it will just add unnecessary paperwork.If you’re in a state like California, keep in mind that you’ll have to pay $800 annually to the Franchise Tax Board, file a periodic Statement of Information (SOI), and submit a Beneficial Ownership Information (BOI) report.It’s a good idea to consult a real estate attorney to ensure you’re making the best decision for your specific needs.

Just don't buy into the lie that it's necessary, that it's a 100% guarantee of protection, or that it needs to be complicated.Here's some generic advice.An LLC is useful for two things: anonymity and legal protection.

I gathered all my notes in a 50+ pages document touching on the formation and maintenance of LLC and business structures, transferring assets, protection strategies, trusts, anonymity, insurance, levels of protection, etc. including when you should do it, how many properties per LLC, due on sale clause, selecting an attorney, fees, checklists and resource materials.Doc: https://www.biggerpockets.com/files/user/CosIorg/file/tritoriam-fileAsset Protection Decision Diagram - to help assess the need for asset protection, and what to implement : https://www.biggerpockets.com/files/user/CosIorg/file/asset-protection-decision-diagramAsset Protection Onion Diagram - what, when and at what cost one should implement in terms of asset protection - https://www.biggerpockets.com/files/user/CosIorg/file/asset-protection-onion-diagram-v2What is needed for complete asset protection OR the domains that need to be intersected to find asset protection - https://www.biggerpockets.com/files/user/CosIorg/file/asset-protection-spectrum-diagram (this is more of a joke depicting the nebulosity of asspro rabbit holes).How a fully implemented asset protection layout might look. - https://www.biggerpockets.com/files/user/CosIorg/file/asset-protection-structures (overwhelming and overkill for a newbie in REI)PS.

Most who propose this arrangement do so believing they are adding a layer of protection or separation between the property or themselves and the operation but that's total nonsense as well.

There is no other protection or time bound restriction.

The property is also in a desirable location.Do you have any recommendations for legal protection or any professionals you've worked with that you would suggest? 

They do not provide asset protection or anonymity. 

My thoughts:Damage Protection:Goods: The total cash paid by the guest at the time of the booking is less. Makes your property more accessible (at least on the surface).Bad: Has a cost which is not used most of the tim...

Depending on what you want to accomplish as far as asset protection or just general business operation.

So, a more conservative $400/mo for maintenance and vacancy.So after that, we've got $1,200 coming in.Less expenses:Principal and interest ($63,000 financed at 7%): $419Management: $193 (for the sake of argument, a more conservative number than before--see note below)Insurance: $65**Cashflow: $523/moGives plenty of room for your more expensive asset protection or the best painter in town.