Ensure you understand local regulations regarding permits; it’s usually a good idea for your associates to form an LLC for liability protection, but individuals can do renovations as long as they pull the necessary permits.

While their services may seem expensive, they can save you money by maximizing deductions and ensuring compliance with tax laws.

Next, plan on inspecting your properties every 90 days; you can communicate this to the tenant as you ensuring the property is in good order and to help you plan for repairs/future improvements. 

Selling the property within your Solo 401(k) and returning the proceeds to the account simplifies compliance and ensures tax-deferred growth (or tax-free in a Roth Solo 401(k.)).

@Kenzer Hodgson For your STR, an umbrella policy can provide liability coverage, but an LLC offers additional asset protection by separating your personal and business assets, which can be valuable in case of lawsuits or audits.

It's not your fault that the tenant has to vacate, so the tenant should have insurance to protect them against any additional expenses.

But if they were living there, then the problem wasn't so bad that they had to move out or incur additional costs. 

Clear financial separation ensures all rental expenses are deductible, maintains legal protections, and simplifies tax compliance.This post does not create a CPA-Client relationship.

Each property is different, however an engineered cost segregation study typically takes about 4-6 weeks to complete in order to ensure a quality cost segregation study.HOW MUCH MONEY CAN A COST SEGREGATION STUDY SAVE ME?

Make sure the estimates are very detailed (scope, SF, $/sf, schedule, etc) to ensure that there is a clear dilation between contract work and change orders.