Hey BP fam, I'm a rookie and I formulated a list of experienced investors in my local area I'm going to connect with throughout the next few months.The point of this is to gain knowledge about the industry, my market, and learn some good pointers in general. 

Remember, this is lenders' slow season, so they will have time to answer your questions and help you formulate a plan.

@Geoffrey BissenIt is NOT always best practice to hold each property in an LLC.This is something you should discuss talking with an attorney/insurance agent with and formulate a gameplan based on your risk tolerance, risk exposure, net worth, etc.Holding a property for someone who has 25 properties would be overkill in compliance costs.1) Costs to form each LLC2) Annual Costs to keep each LLC active3) Bank fees for each LLC(which they may have if the bank requires a minimum balance)4) Bookkeeping fees if required for each separate LLC5) Registered agent fees for each LLCetc, etc etcMaybe the right exposure is 2, 3, 4 or 5 properties per LLC.Maybe you should get proper insurance and have one LLCor maybe you have one LLC that has a maximum value of $500,000 and have it insured up to that amount.

Formulate your investing approach and execute.

I would also suggest getting a website formed that has a free give away - like an ebook or how toLastly, get educated and formulate your business plan, so you know what you are doing and sound competent. 

The key is pegging what attributes you can handle as negatives and which you can't, this is how you formulate "your" target area. 

Always looking for ways to marry the businesses together which is why I'm trying to formulate getting it into STRs.

My advice would be to formulate an action plan with Onneka, your lender and your agent. i.e. spend the next 2-4 weeks effectively assessing your investment options and the current market (available inventory, sold comps, absorption rate, etc).Start with the end in mind.

So, how do you formulate the criteria?

I would get together and formulate a plan ASAP to go after the seller, and then find a way to nullify the lease in a sense.