I enjoy the book - it gives a great overview of the STR world and specific details on how to get started. 

Additionally, forming a new LLC may require obtaining a new EIN and business bank account.This post does not create a CPA-Client relationship.

This means adhering to formalities like keeping detailed records, avoiding perceived co-mingling of personal and business assets, signing documents in a representative capacity, and, of course, refraining from fraudulent activities.

creating an llc for one home is not necessary  IMO.

Let me know if you have more questions or would like the steps described in more detail. 

Here's the deal:Purchase Price (PP): $95kRenovation Budget (via HML): $60kTotal All-In Cost: $155kARV (After Repair Value): Around $200kRefinance (via DSCR Loan): 7% interest, 30-year fixedRefinance Details: After the refi, I will pay back the Hard Money Loan (HML) at 11.95% with 3 points:HML: $60,000Interest/fees: $3,585Other costs: $1,800Total to pay back HML: $65,385After the refi, I will have $84,615 left in cash.Cash Flow & Expenses:Expected Rent Income: $1,700/monthProperty Management (PM): $126/monthInsurance: $100/monthTaxes: $126/monthMortgage: $1,043.75/monthTotal Expenses: $1,395.75/monthSo my monthly cash flow is about:$1,700 - $1,395.75 = $304.25/month in cash flow.Return on Investment:Cash Invested After Refi: About $18,385 (after paying off HML and closing costs).Annual Cash Flow: $304.25 * 12 = $3,651Cash-on-Cash Return (CoC): $3,651 / $18,385 = 19.8%I didn’t account for maintenance costs since it’s a full gut rehab, and everything is brand new.

Do you have clarity around different options there are to create cashflow besides pure yield/interest/rental income?

Quote from @Kyle Schreur: There's more detail in my book, but here's a taste.HOW TO SHARE UTILITIES 101You have a property with two or more units and the utility meters are shared.

MM$ projects with 25% ROI
monthly payouts - payback with 25% ROI within 5 years
Invest and payback gets you 100% vested in 50% of MM life insurance policy
Invest and reinvest (partner) gets you 100% vested in 10...

That could change the situation, so check with your CPA about that.If you want more details about depreciation and cost segregation, check out the IRS guide on rental property deductions: IRS Rental Property Tax Guide.Hope this helps!