Adding an umbrella to cover possibilities that exceed your STR insurance policy is important as well.If you have 5 or more STRs or properties, then I can see setting up a series LLC with a primary LLC and each property in it's own child LLC.

One would be to give a portion of your business and a portion of your real estate to a child (through a trust) or a parent.

Don't believe me, oh-man, just wait until you have REAL Landlord problems, like evicting a tenant because there meth-fueled adult-child moved in and is rapidly destroying the place, only to get it all done over months and receive back a human-feces painted home, copper stripped, destroyed everything......

Hi Samir,I have lived in Albuquerque since I was a child in 1979.

Right now, you're basically trying to select a college for your future child before the child is even conceived.

Note: you can Never hire a parent, sibling, child,grand child or yourself to work on the property and none of these people can live in the property.    5.

Child gets sick or parents get sick and you have a large bill?

On a separate note, if my personal home and all my business is in the state of Michigan at this point, would there be any benefit to designing the business as a series outline or simply a parent/child LLC set up where the parent LLC would be created in a more tax advantaged state such as TX, WY, NV etc?

If I have to pay for a child's college tuition bill of $50,000 I can't do that with the equity, I'd have to convert that equity to cash.

The tenant is concerned about their child's health.My property manager suggested allowing the tenant to break the lease without penalty or offering whatever they request at this moment to avoid potential litigation.