I would imagine the LLC will have its own EIN, but we will still report the gain/loss as pass-through income on our joint tax return.

Depending on comfort and cash, it might be a viable option as you can build equity and then sell without having capital gains, assuming it's your primary residence and you've lived there for 2 years.

In areas with rapid and sustained appreciation, you can use the equity gained through appreciation to purchase additional properties.

No but keep track of those repairs as it will add to your cost basis when you go to sell it and have to pay capital gains.

Quote from @Danielle B: @Shawn Ackerman thank you for your insight. 

Let's connect — I’m all about collaborating and sharing insights.

@Emily Gowen so as you pointed out you would not have to do a 1031 exchange on your current home to avoid the capital gains tax and coupled with what Dave Foster pointed out I think, speaking from experience you would have a high likelihood of success. 

Hey @Isaiah Cortez, here are the deets on STRs via the city - https://www.fortlauderdale.gov/government/departments-a-h/de...I don't have any real insights on the area, but do a search and you will find some details.

I haven't actually closed a deal that far west or else I would be able to give more insight. 

Let me know if you’d like insights on specific neighborhoods, market data, or connections to local property managers and lenders—I’d be happy to help!