One thing I would mention though - doing STR just to save taxes often leaves you operationally unstable or too detached from the management to be successful.

Eliminate debt, establish a budget, and save.

Thanks.PatHi Patrick,Congratulations on saving up to purchase a house outright!

Do they have in-house maintenance (this can save you thousands a year)?

I want the best professional who can save me the most money, someone who’s real and honest and doesn’t use too many big words.

You should speak with a financial advisor about your complete financial picture before retiring overseas.

I recently quit my job to dedicate full time to RE investing.Given the macro instability Latin American economies faced for decades, people with savings are constantly looking out for opportunities to invest in the US, specially in RE.So, a few months ago I partenered with a RE developer from my country and we are now focused on getting multifamily deals in Florida.Looking forward to connecting with all of you and adding value where I can!

An LLC creates a legal separation between you and the property, so if something goes wrong—like a lawsuit or debts related to the property—your personal savings, home, and other assets are shielded.

If you have any questions or want to talk options feel free to reach out I always enjoy helping Bigger Pockets members save time and money.  

If you don't have a good foundation(bad debt paid off, $$ saved up) I would first focus on that.