In my younger days, I used to race sports cars.

Please remember some of us are still horse and buggy type- no twitter, facebook etc.

Well, when poor advice is given I'll be riding back in on my white horse!

2005 Jaguar S-Type; VDP; British Racing Green, fully loaded.

As someone else who is starting out I think you have to find what works best for you and realize that your race isn't everyone else's.

Finding the niche size will also be important, smaller ones (2-4 beds) will be competing against hotels, time shares, condotels, and townhomes and sometimes it can be a race to the bottom with ADR.

I also think you are putting the cart before the horse as far as wanting to use property management.

Here's a quick run down...My father purchased a ranch property back in the last boom.Purchased for about 1.5 Million.It's a horse property and one of the borders had an issue with us and to get back at us sent out Building and Safety.We come to find out that the property was purchased with the idea that all 2000 + Sq ft of residence was legal, we come to find out only 900 + Sq ft is legal, not even the pool is legal.They want us to bring everything up to code and draw up new plans reflecting such.Our realtor says we have a great case and can sue the previous owner, what can happen in this case has anyone ever experienced something like this?

If you don't have a clear plan and don't know which business entity best meets your needs, then establishing an LLC now is putting the cart before the horse.

At that stage of my life, investing and running a business were the unthinkables for me.I learned that education is a marathon race where I'm the only one in the race and my goal is to cross the finish line intact.