You'll also want to ensure you have a good property manager to look after the upkeep of the property if you are not there to notice anything deteriorating or which may need attention.Creating an LLC in California could cost you a minimum tax of $800 every year.

Recently, we expanded to include home renovations for an investor group and handling tenant turnover upkeep—no property management.

Hi, quick question about selling a rental property for less than it's worth and tax implications.I purchased a rental property on 9/1/2022 for $40k, paid $4k in closing costs, and over the course of 2023 paid around $4000 for upkeep and security on the property. 

I'll pass....Great PM's are worth their weight in gold and worth it to some people.... others are worthless and will rob you blind, hire crap workers and nickel and dime you to death. 

Sold for $47k and after 10% commission for my realtor ( a land specialist from National Land Realty.Good realtors with local knowledge are worth their weight in gold!)

Remember, sometimes the best opportunity might be closer to home, or a different type of property might offer better returns.Market Research:Research the most promising areas for short-term rentals in Panama, focusing on locations with high demand for temporary accommodations.Seek out experienced property managers who can handle the daily operations, upkeep, and guest interactions, especially if you’re not based in Panama.Lastly, consider operational aspects like team building, establishing best practices, and ensuring compliance.

You'll also want to ensure you have a good property manager to look after the upkeep of the property if you are not there to notice anything deteriorating or which may need attention.Creating an LLC in California could cost you a minimum tax of $800 every year.

Self-managed Upkeep- $2,000. 

Take the cost of the home long term add the mortgage, taxes and true repair costs such as upkeep and new roofs , heating and cooling mechanicals etc over the years.

My personal credit is nearing 800, and our businesses have established relationships with several banks' commercial departments where all of the financial responsibilities have been met over time on our part, but I didn't know if ultimately, an entity could have an independent credit rating.I have an account at a local lumber yard that reports to Dunn and Bradstreet, but upon further research, Dunn and Bradstreet didn't appear to hold much weight from the brief digging that I did.