Additionally, have a clear budget, factoring in potential repair costs, and ensure you understand the rules about earnest money deposits and closing deadlines.LLC for Real Estate Investing: Forming an LLC for rental properties can offer liability protection and may provide tax advantages, though the tax benefits are non-existence for rentals.

With your additional $100,000, you’d have a nice cushion to renovate or furnish a property like that.It really comes down to how involved you want to be and your long-term goals.

Let me know if I can provide any additional tips or resources to help.Best regards,Sadler Surratt 

Additional charges will be added to the next month's rent and due and payable at the same time.

@Kenzer Hodgson For your STR, an umbrella policy can provide liability coverage, but an LLC offers additional asset protection by separating your personal and business assets, which can be valuable in case of lawsuits or audits.

Additionally, the estimate for my tax preparation for this year was approximately $1,000 over the cost I paid last year (including the time I paid for them to correct their errors).

Additional Info —Key Details:Location: Outside Santa Fe, NMProperty Size: 20 acres (valued at $80,000)Project: Two new STR unitsExisting Experience: Family has two fully-occupied LTRs nearby, generating $2,000/monthConstruction Approach: Self-contracted with licensed trades for electrical/plumbingCost Assumption: $80,000 per unit, plus ~20% for inflation (based on 5–8-year-old build costs)Financing: Using land equity as down payment on construction loan (expecting closing costs to be major expense)Request: Looking for feedback, potential pitfalls, and general guidance

I would appreciate any insights and additional things I may be missing.

Keep existing and add an additional -~2000 sq feet 3.

Your primary strategy should be to have the Contractor and all Subcontractors add you to their insurance policy as Additional Insured.