The amount of reading and information you have to consume to sit for the exam is bonkers. 

👏Regarding subcontractor contracts, it’s essential to have a well-thought-out document to ensure clarity and protect all parties involved.

@Kyle Kulhanek To retitle your Chicago condo into an LLC for liability protection, start by forming the LLC with a clear operating agreement outlining ownership and responsibilities.

Having a mortgage and your normal STR insurance is already 2 levels of protection. 

If you do a furnished LTR you will still have to worry about your furnishings and possibly consumables/linens if you plan on providing that sort of thing. 

Include a buyout clause allowing you to transition to sole ownership after two years, based on a pre-determined valuation formula or market value.Use an LLC to hold the property for liability protection and pass-through taxation, ensuring both partners benefit from depreciation to offset rental income.

The market is TOUGH right now for LTRs and STRs.Hope this helps - we are trying to protect you.

This means you can sell, lease, or pass on the property as you see fit, just like any other property owner.Full Ownership RightsYou have the same rights as a Mexican property owner, including the ability to sell, lease, transfer, or mortgage the propertyLegal SecurityThe Bank Trust is a well-established legal mechanism in Mexico, ensuring your investment is secure and protected under Mexican law.Renewable TermsThe trust is set up for 50 years and can be renewed indefinitely, allowing you and future generations to maintain control over the property.Estate PlanningThe trust makes it easier to pass the property on to heirs, simplifying the inheritance process and reducing potential legal complications.Although the process might initially seem complex, it is entirely managed and supervised by a reputable banking entity.

I won’t try to tell you what to do other than if there’s certain properties that just consume way more energy you might consider 1031ing them into slightly larger properties where you could get better economies of scale for your time and expenses.

In some cases, it may not be possible to purchase and store materials, but if it is, that is one way to protect your budget and avoid a costly mistake.The last thing I would offer for you to think about is having a pivot plan.