Step 3: Compare build plans / specs to decide what you want to build.

I myself am in a similar position looking to acquire a secondary home in the Banner Elk and would plan on using as a STR and would love any input on your findings!!

You understand some of the basic concepts, but also have some giant holes in your plan.

With it being in a planned neighborhood, all the cabins design wise are the same, but ours has even better views. 

If you plan to grow your portfolio, consider setting up separate LLCs for each property to shield them from liabilities tied to others, though this adds complexity and costs. 

Yes we definitely encourage everyone to STICK TO THE PLAN when renovating!

Quote from @Jacob Sherman: Quote from @Kiran Asknani: Hi  All I am new to STR game and am planning to start with investing in Boston area or nearby suburbs as I have spent last 10 years in Boston.

A good real estate accountant can save them thousands of dollars by leveraging entity selection and formation, tax deductions, cost segregations, bonus depreciation and tax planning.I recommend that they find a tax accountant who specializes in real estate taxation, business taxation, financial planning and tax planning.I would also recommend that they look for a accountant willing to work with them throughout the year, who can help them strategize and who is responsive when they want to know the consequences of the financial decisions they are making throughout the year.Good luck.

I’m planning to do this for 3 multifamily properties all located in MA, each ranging from 2 to 4 units.

While I currently live outside Portland, OR, I plan to begin investing in Tennessee.