As for financing, make sure to explore options for using rental income to qualify, and be prepared for a 20% down payment.

These documents include your operating agreement/ corporate bylaws, articles of organization, certificate of standing, and the EIN letter. 

These loans are based on a property’s rental income rather than your personal income, making it easier to qualify as you expand your portfolio.Networking and Mentorship:You’re already off to a great start by reaching out here!

Hello Satish- the greater Banner Elk area does have a lot going for it and the right property should provide you excellent income and a potential nice getaway spot. 

From a tax perspective, the LLC will be a pass-through entity (if a single-member LLC, it remains disregarded for tax purposes), meaning you can still report income on your personal return (Schedule E).

If you can cover your mortgage with rental income, it may be worth keeping it as it may appreciate over time. 

@Kaleb JohnsonRecommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

I invest there ,I have a bounch of high end houses for executives and also middle income duplexes and triplexes.

To go a bit further into what Dmitriy mentioned, since your IRA earns the income the tax treatment is specific to your IRA.

They are your best option, because when you have tenant turnover, at least you will still have income from the other units.