QUESTION...I am relatively new to Real Estate investment as well.I am a NY resident with a single member LLC registered in Delaware (disregarded entity registered against my personal SS#).  

But disregarding that fact for the moment, let’s run a hypothetical purchase:Let’s say you found a house for $80,000, that for $15,000 in renovations you think could refi for $125,000.  

You should speak with an attorney about whether an LLC is the right move for you, as that's more of a legal move than a tax move since an SMLLC is a disregarded entity unless you file a tax election.Absolutely, under NO circumstances, should you elect S Corp status without consulting your tax pro.

Generally revocable trusts are disregarded for federal income tax purposes, so it will be as if you own the LLC interest directly for federal income tax purposes even if it is owned by the revocable trust.That said, it's not as much of a no-brainer as it used to be. 

I now work for him as well, which I'm sure will make some skeptics disregard my words, but I will not endorse something I don't wholeheartedly believe in.If it matters, Brad has been a solo owner as well as syndicated thousands of units.  

Your STR operating company could be taxed as an S corp, while the entity holding your property could be disregarded or a partnership.Check with your accountant AND attorney what would be the best structure that will provide asset protection and tax optimization.I would suggest you watch this video from Clint Coons about short term rentals structure that can educate you on the subject.

The cost of moving her was 50% less than evicting since we had one unit ready it seemed like a win win at this time.Now the other tenant - she was just lazy and disregarded the opportunity to cure.

WY: anonymity and the charging order are the sole remedy (ie better asset protection statute)Not only this holding is providing these two benefits to all the sub LLC but also, it is the only one filing the tax return as all the sub LLC are disregarded for tax purpose.

If the LLC is not registered in the State and is doing business in the State, there is a risk of fines and, if a lawsuit is initiated against the LLC, the LLC could be disregarded based on the failure to register in the State. 

Don't pierce the corporate Veil: This can occur if the entity either is poorly capitalized.Inadequate Initial funding of the entityor fails to maintain a separate identity from its owners ( using the business bank account for business purchases, maintaining separate books)Conversion of entities Assets for Personal Benefit:Another factor that poses a risk of piercing the corporate veil is the draining of entities assets (such as payments of large salaries to shareholder-employees) that leaves the entity with inadequate resources to pay its debts.Do not commingle personal and LLC assets.Maintain a separate LLC bank account.Execute an operating agreement.Follow the provisions of an operating agreement.Have LLC member meetings according to the operating agreement.Title property in the name of the LLC.Maintain insurance on LLC property in the LLC's name.Sign all LLC documents in the LLC's name, not the members' names.Although Single member LLC are more prone to failing the separation test, these steps will also provide a better defense against other creditors attempting to prove to pierce the LLC veil.SMLLC does not file its own tax return, meaning it is disregarded for the tax purpose, so you will still report the rental activity at Schedule C of 1040.