It was a dream purchase for me and my wife, but after joining Bigger Pockets and all the great folks on here helped my move into the STR game.We ended up with a standard 2nd home mortgage that was almost immediately transferred so we just started listing it on VRBO and AirBNB.

Real Estate has always been a strong interest for each of us, but other than purchasing our primary residences, no experience as investors.

Whether it's better to form an LLC that will hold the actual real estate in the state I purchase or will a NY formed LLC be just as good. 

I figure I'll get losses of 20-30% of the purchase price as a general rule.

Considering the purchase price in 2022 of 32k, and my additional costs so far of 27k for  new roof, new septic, major electrical repair, AC repair, garbage removal, lawyer fees, and lots of miscellaneous, that puts me at 59k so far.

It’s my understanding it’s very hard to meet reps status working a w2Also I believe once you get above $150k basically you lose any benefits of reps status I think I will be able to qualify for the STR re status if I run the cost segregation when I purchase the house. 

I am trying to decide if this is a worthwhile endeavor.From what I have read, the main benefit is early access to MLS for purchasing homes and saving on commission costs while selling homes.This leads to two questions: - Is simply having early access to new listings worth $600, or is it only worthwhile if I plan on flipping and selling a property on my own?

Currently transitioning my focus to finding an affordable buildable lot to purchase outright then going the Private Money lender route for our first build.

What I've found is that a simple Zillow skim can help give a rough determination of ARV based on comps in the area (sq ft, #bedrooms, quality of furnishings, etc).

Purchase price: $212,500 Cash invested: $50,000 When we talk about long term rentals the goal is to buy something that people are going to live in 3-5 years with the ability to raise rent over time ahead of insurance, taxes and inflation.