Hi Thu - Congrats on your first STR purchase—so exciting!

@Jason Khoury I purchased my current residence, a duplex, from a local non-profit about 5 years ago.

I'd also like to try to purchase with a land trust or my LLC. 

Quote from @Ven Bud: After hearing to lot of bp episodes on negative cash flow, I have a question.I am currently living in my primary residence and planning to purchase an investment property, and obviously it is going to be a negative cashflow (bay area), but I am of the opinion that as long as the rent on the investment property is atleast going to be greater than my current primary residence mortgage it can still considered as positive cash flow investment.The investment property is going to be in a much better location (for office commute, bay area proximity) than my primary residence.

You have to be up front about how the property is being used.Also, remember that umbrella insurance will not do anything for you if the underlying property or vehicle is not insured correctly.  

Westchester, although one of the hottest markets, has a ton of upside with opportunities for both cash-flow and equity. 2-4 family properties in Westchester are the 2nd most affordable in the NYC Metropolitan area (next to Suffolk County) making it easier to find cashflow opportunities when compared to the boroughs and other suburbs like Nassau.A client of ours in Westchester recently purchased a < $800K 2-family with a detached 3-car garage which brings in additional rental income - from a local business owner with commercial vehicles.

These companies don't want people to buy the vehicle just to resell it and make a quick buck, so they don't allow transfers right away.

If you had good credit (670-730 range), you have 20% to make a down payment, and sufficient income to qualify for the home you want to purchase - Would you choose the FIRST-TIME HOME BUYER or CONVENTIONAL purchase option...which would you pick and WHY?

If your padsplit residents have vehicles that can cause parking issues.

With this being your first purchase, you may want to consider a property that's not being sold at auction.