With the creation of communities like Bigger Pockets, IMO mentors aren't essential at all. 

So it does not return too much cash flow from an income stand point, but by having a 5% cap rate this in essence means that every marginal dollar of NOI $1 added per month can create a multiple of 20 times in value ($1 / .05 cap = 20) or if multiplied by 12 months in a year, $240 dollars of value in equity.The 10% cap in rural indiana with the same terms as above would have a monthly cash flow of $8261.95 or approximately 22.8% cash on cash return with out factoring depreciation, appreciation, or amortization.10% cap = 10 X multiplier of Net Operating income or NOI so each dollar you can "net," per month by either increasing income or reducing expense creates $1.00 X 12 months X 10 multiplier = $120 dollars of value in equity.So the difference is in how the market cap affects your ability to create "equity," with the lower cap rates you dont need as much increase to create that equity while in the mid west since the cap rates are higher (lower multiplier) you'll need to have in this case double the net income creation to fabricate the same amount of equity growth as in Seattle.If you're trying to reposition and sell for profit, a lower cap market can be better if you find a troubled property with an opportunity to force equity in Seattle since the value multiplier is much higher, 240x.The rural indiana property with a higher cap rate could allow most to live financially free ($8261.95 cash flow per month) while offering a lower 120x value multiplier to create/force equity.So it all depends on your strategy to focus on equity or cash flow and to recognize which "play," you have in front you and whether the juice is worth the squeeze for you personally.

We do not have an LLC yet.We are preparing to have our old primary house turned into an Airbnb and plan on listing it in December 2023. Would it be better to ask the law firm that we are working with to start the proc...

Booking Website BuildersHosty is most recommended by homeownersWix and WordPress are good if you have a bit more experience or tech know-howNotable Mentions: LiveRez, Lodgify, Lodgix, Wix, GuestyContent Creation Canva is great to make a consistent post template or text overlay with property website. 

Also the cost of the foreign structure creation and maintenance is much higher than for a US based structure.

Another option for lease creation is to reach out to a local attorney and have them draft a lease that you like and can re-use.  

At the current time, though, does it make sense to seek out a CPA, e.g. to assist with entity creation?

If this unit is non conforming parking and open space requirements were probably not considered in creation of that 3rd unit.Might want to stop by the planning department drop in hours and ask them what it would take to add a unit at this address.

So purchasing in the $60k-$70k zone and putting another $15k-$20k into a rehab is basically our bread and butter.And you can expect some equity creation with that process as well, obviously.

I am an attorney who handles creation of corporate entities and trusts to hold real estate, as well as litigation over deals gone bad and disputes with contractors.I have one residential property that is a headache, as it is over an hour away from where I live, but I plan on selling it (although it was owner financed, and a bankruptcy has stalled he foreclosure).