No structure is perfect, but the good one will be a pain in the butt to pierce. 

Heres the numbers:Purchase: 130kDown: 3.5 % ( about 4500)Rehab including the closing costs and all other fees: 70kSecond appraisal for the HELOC: 245KThere's still about 5k worth of things I need done on the outside of the house including paint, a little yard work and I want to build a fence, but I believe that fencing in the back yard will add quite a bit to perceived value from a buyer.( The house is in a neighborhood with a well know public montesori school which apparently is extremely sought after by parents with elementary aged kids)The bank originally offered me a HELOC for 60k but due to my income again, they reduced it to 37500 which was kind of a bummer, however after doing a little more work I think I could reasonably expect a 255k sales price when I get rid of it in the next year.So not including the living for free (I rent out two rooms) and the mortgage pay down the final numbers would be:All in Purchase ande Rehab: 205kSale: 255k (+/-)10% closing: 25kPotential Profit: 230k-205k= 25kCOC: 25k/75k= 33% over two yearsNot a slam dunk but I learned SO much and it made doing it again seem much more attainable.I would love to share pictures with anyone in the pierce county, Seattle, Tacoma, Olympia or Bremerton Areas to show you what I did, get your opinions and maybe team up on one in the future!

I have another thread running in another local forum, but given this forum is about short term rentals I thought I should post for this group as well. Expertise from his group will help. See my post on BiggerPockets

Also, it seems it's getting easier to "pierce the veil" of protection, as seen in court cases around the nation as of late.  

@Mark Pierce that just depends on the area.

You will have to report them as distributions but their is a difference between distributions and profits.You will have some record keeping issues to deal with in order to make sure you are not co-mingling funds or some other no-no that would pierce the corporate veil.  

Hiring an unlicensed/uninsured contractor makes for an easy argument of negligence against a rehabber -- that will pierce the corporate veil (i.e., your business won't protect you) and create bad-will from a judge and jury.

I now live in PSL and am also interested in the Ft Pierce area.

If you decided to go the LLC route its important that you understand all involved in making sure you don’t pierce the veil, which most people inadvertently end up doing by omission.

Will depend on several factors like the type of property, type of tenants, your risk tolerance, other assets you own, your estate planning, laws where the property is located, etc.Any lawsuits would be limited to the assets of the LLC and not your personal assets (assuming you run the LLC appropriately and the corporate veil is not pierced).