There are some pros, but also some cons.Pros: LIMITED liability protection (but everything related to the property has to be separate from your personal accounts - talk to a lawyer), potential for anonymity Cons: Several hundred dollars per year in fees (at least in Maryland), refinances are more expensive, potential for bank to recall your current loan under the "due on sale" clause (doesn't apply to your free and clear house, obviously)As far as how to make it happen if you do choose to go this route:1) Create the LLC through SDAT (relatively easy process)2) Get an EIN from the IRS (also relatively easy)3) Open a bank account for the LLC4) Open a new email account for the LLC (communicating through a personal account could "pierce the corporate veil", albeit I'm not a lawyer so take that with a grain of salt)5) Find a title company to do the transfer for you (Universal Title White Marsh has done this for some of my clients)

My wife are wanting to STR our townhome in American Fork, UT.  Was wondering how the market is there.  Do places stay booked up?  When is the "season" for STR's?  Perhaps some recommendations on cleaners that speciali...

It is also between Salt Lake City and the college towns of Orem and Provo.We are ready for the extra management that comes with hosting a short-term rental as well as the extra cost for furnishing it, so long as the added income can justify it.

-Dillon (Orem, Utah; Salt Lake City, Utah; Park City, Utah; American Fork, Utah; Spanish Fork, Utah; Lehi, Utah)

Medium-high end but nothing like Winnetka so take this with a grain of salt.

In the nearer term, I see it similar to Salt Lake City but, as you mentioned, they need to focus on the property level crime and bringing in medium to high paying jobs.

LouisNorth Carolina - Raleigh / CharlotteUtah - Salt Lake City / ProvoArizona - Phoenix

I am very very new, so please take with grain of salt, but I do believe you may want to do your first deal local to get the flow down.  

Even if the rents don’t cover all your living expenses if your monthly costs are around the same or less than your current rent then you are coming out ahead. 4) (take this with a grain of salt because I don’t really know you) if you are having a hard time getting comfortable with a $450k purchase at 6.5% on a primary home then you may want to focus on some mindset podcasts or coaching - if you want to invest in more real estate you are going to need to be comfortable with numbers like that as long as the rent covers the expenses.

Because sure, all CPAs worth their salt will know how to get around in all states.But there are some pros to working with a local CPA.Reason 1: state tax laws are differentA local CPA is generally very well-acquainted with the laws in their state.