A government body saying its illegal because we didnt spell out that you could (let alone that it isnt spelled out that you cant) is a great way for that government body to get sued.

While NJ does not have homestead exemption, it offers some protection in case of Federal bankruptcy.

In my mind its our inheritance, and I'd rather not foul things up, and be required to give the government a sizable portion of it, if that can legally be avoided.   

In my state if you're managing properties from a single-member LLC (no separate federal income tax return) federal taxes would stay the same and would provide a liability shield IF the property were also held in the LLC's name.

Not very common because theres governance hurdles and debt financing hurdles to over come. 

@Matthew Stallings Hollywood, FL is pretty STR-friendly; however, I would recommend waiting until this summer before pulling the trigger as there is some legislation going through the Florida government as we speak that could potentially affect the STR market.

I look for the best applicant.Someone that has had same job for a couple years, someone with more income that can pay the rent.If I have to give a little one one of my criteria then I get a larger deposit, usually 1.5x the rent or first, last and security.Sometimes you have to keep looking to get a good applicant.I have been luck I usually get 30 people inquire and 4 or 5 apply.Section 8 can offset a low creidt score since their rent or part of it is guaranteed by the government.

Between federal and state she owes more than $15,000 in taxes.

After you submit your Company name and get your articles of incorporation, Make sure to goto the federal website to setup your EIN number. 

This should be required reading for all high school students, imo.Total Money Makeover (Dave Ramsey) - how to get your finances under control, if they aren't alreadyAll Your Worth & Two-Income Trap (Elizabeth Warren) - the intersections of personal finance and government policy - good things to understand if you're a tax-paying US citizen.Your Money or Your Life (Vicki Roberts, Joseph R.