Have you established a team yet?  

I attended the RALA 3-day training in Phoenix and took a couple of online courses as well, and while I found these courses to be very valuable in helping get a clearer understanding of the space and what it might take to be successful, I eventually I found it most beneficial to bring in a partner/advisor who has built residential assisted living facilities here in Texas and has been running them successfully.

Make sure your financial advisor understands real estate taxation, financial planning and tax planning. 

That's a powerful advantage that many financial advisors might overlook.💡 Tax AdvantagesThis is where my tax brain gets excited!

Work with a qualified tax advisor on filing all of this including filing the 990T return for the IRA.

I wouldn't recommend setting up an LLC out of state if you are buying in Tennessee unless your tax advisor is looking to help you on strategy.. but from a numbers standpoint, it really doesn't make sense when you start adding up on all of the annual LLC reporting fees from different states and then it starts cutting into your cashflow.

However, there's a critical detail that many tax advisors conveniently overlook when promoting these studies.Here's the uncomfortable truth: If you're a high-income earner (AGI > $150,000) and not actively managing your properties, those promised tax savings might be locked away for years.

Remember your situation is unique so it's important to consult with a tax advisor or CPA to explore all available options and ensure compliance with tax regulations.Thanks!

I may not have explained myself clearly, so I apologize if there was any confusion.You are absolutely right that to carry out tangible commercial activities in Spain, such as real estate projects, it is necessary to establish an SL (Sociedad Limitada).

I'm currently building my team with Tax Advisor/CPA, RE Attorney, REI friendly agent and designer first on the list in that order.