@Robin CastilloLLCs are useful for legal protection, but they require separate tax filing, typically cost several hundred dollars to create, and most non-commercial lenders will not lend to LLCs.Commercial lenders will lend to LLCs, but their interest rates are significantly higher and they require collateral that regular lenders don't.I would not create a LLC specifically due to the issues in getting a traditional mortgage it will likely cause.One potential route though, is to get a traditional mortgage in your name and then assume the loan after a 6mo "seasoning" period with your LLC.

Establish a solid reserve fund (3-6 months of rent) to cover unexpected expenses or vacancies, which are inevitable over time.Make sure you're well-versed in local landlord-tenant laws to avoid legal complications.

I would not be confident the PM has a good legal option if they served pay or quit so late.  

Here are some Buyer representations:Enforcement/Legal Actions.

Make sure it's a legal triplex.

Building a closet in the bonus room addition to allow the property to be legally listed as a three bedroom.

We generally will offer the cost of our Legal, which is about $1500 to get them out.

We have tenants add .5x for a pet deposit in lieu of a $500 pet deposit (2.5x or 3.5x respectively) however there are some new pet fee and pet deposit laws coming in Colorado January 1, 2024 and we aren't yet sure how these caps on pet deposits will impact our use of Rhino for this purpose (see below re: legal definition of "Security Deposit").What questions do you have?

If you are going to take on the extra work required by an LLC, make sure you have a valid reason to do so.An LLC is useful for two things: anonymity and legal protection.

Mid term rentals are some what of the odd man out when it comes to DSCR guidelines.There are guidelines which utilize short term rents, and guidelines that utilize long term rents.You can use the projected income on a short term basis to qualify for the loan if the number work right.