If both the mortgage and title are in your and your wife's names, setting up a multi-member LLC with both of you as members might help avoid triggering a property tax reassessment (some counties do that) since it shows continuity in ownership.

I am here to be a sponge and to connect with other experts in the rental property space.

@Jorge Esteban VargasI would sell as Don’t take this personally but you are not experienced to continue to deal with this.You never pay the contractor 100% upfront and you did this twice.

They'll typically handle everything from leasing to maintenance to evictions which will allow you to devote more of your time to building capital and continue investing.

But, if the units and amenities are basically the same, then when the rent agreement comes due, propose the same rent structure.As landlords, we need to continue to keep rents in alignment with the market.

Are there specific pros and cons I should consider when it comes to refinancing, forming an LLC, or even continuing with the rental given the negative cash flow?

The real estate investor has advertised on this site, and continues to advertise joint ventures and private money deals in multiple states.

At this point in time while I appreciate your recommendation to build,  I have no interest in continuing to be invested in Cape Coral and was simply inquiring about local retail market conditions. 

If anyone here has experience with STRs abroad or has consulted with international tax experts, I’d love to hear your insights!

But they still continued to ignore my e-mails.Justin Wilmot is really a phony person since he keeps ignoring my e-mails.