You can create your own LLC it's easy to do.

Just make sure it covers all the important stuff like rent, deposit, and any rules you want to set.

Amit,Not a list, but a key first item: wherever you intend to buy: check with the state, county and local municipality regarding any rules, restrictions or ordinances regarding STRs. 

My last years accountant made it sound like filing by myself would be easy this year as sole owner but I’m stumped on which forms my father and I need to file. 

Keeping separate accounting for property is relatively easy with free online program like WAVE.

I can say I had 50 k in rental income expenses of 45 k and only made 5 k easy right. 

Clark,You just can't put money into someones Roth IRA, there are rules on how they are funded.

Unfortunately, a good mentor isn't always easy to find.Think about it.

Look into KBKG for cost seg, they also have an online calculator, but a full manual study is far better.I'm not a CPA, but I'll check you :) There are some different rules specifically with regards to Short Term Rentals.

Furnished Finder Expected Rental Income: $750-$850/mo PER ROOMWhat I Learned: - Serious investors will write on a deal that fits their buy-box- Knowing your buy-box will create an easy decision making matrix for you to move quickly on deal that work- Have your "ducks in a row" so when you find a deal that works, you can perform - Be someone who performs in contract - barring glaring issues with properties - if you write on a deal AND close, you are more likely to be presented with future deals FIRST because you take action - Be someone who other people and other agents ENJOY working with.