This may be your best bet as it lets you hold off on formation, but its important to make the title company and the lender aware ahead of time so they can update title and prepare the loan docs with the correct entity name.

As I was preparing my taxes, my tax professional advised me that management LLC is redundancy and it doesn't make sense to have, it's like moving my money from one pocket to the other.

The question you want to ask whoever prepared the title report is, if you bid on the first loan or on the second loan and they will tell you.

Additionally, how should I prepare for the landlord role in terms of property management, tenant screening, and maintaining a good relationship with my tenants?

To optimize your performance as a STR host, remain current on evolving technology and trends in the business.You obviously have a hectic schedule, but you can get through the process of buying and operating your first STR property with commitment, thoughtful preparation, and team support.

You may want to consider working with your tax strategist remotely to expand your options.I would also recommend looking for a tax strategist who is willing to work with you throughout the year, not just when preparing your tax return.

@Ross Benedict Depends how quickly you need to close and if you are prepared for the long wait times to ultimately close on the property.  

It acts as an emergency fund In my opinion while it’s not deployed anywhere, and god for bid you have a large capex item go that you might not be 100% prepared for and you can resolve it immediately.

This is a proactive approach that helps ensure that you have the necessary information to prepare and file 1099s accurately and on time.Another best practice that I would suggest is to maintain accurate records of all payments made to contractors throughout the year.

I'm prepared to make a down payment of around $70,000, and without factoring in rental income, I can qualify for properties priced between $650,000 and $700,000.