For long-term planning, consider transferring the property into a trust to manage tax and legal complexities.This post does not create a CPA-Client relationship.

I had a STR in another market get shut down by zoning, so I put construction workers in there on a 30+day stay over the summer and now have a MTR tenant to keep the lights on through May after which I'll sell since I have no guarantee on having another 30+day contract next summer.

Additionally, regarding the legal structure, an LLC seems to be the most suitable option for our situation.

We got it under contract but then canceled the contract after some concerns with the foundation.

As said before I am talking to a lawyer about that.Get everything in writing (legal documents) before starting and have the CPA record all transactions between contractors and I.

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LLC offers better legal protection.3) Setting up in states that allow your identity to be hid is also overblown.

Purchase price: $70,000 Cash invested: $60,000 Sale price: $70,000 Have under contract for $70K and will rehab.

Some interested buyers did go under contract but things fell through in the deals.

There are some legal considerations as well as practical considerations 1.