Buying rentals can be a great way to create income and wealth.

I'm really unsure if I should be opening a new bank account for rent/maintenance, if I should be creating an LLC or just use my current bank account. 

I'm really unsure if I should be opening a new bank account for rent/maintenance, if I should be creating an LLC or just use my current bank account.

If you put the leftover money into the deal, you may be able to create some monthly cash flow.  

I would have liked to see residential as part of the project, to create a true mixed use neighborhood.

created=1The next serious is taking the time to prep for your project rather you are using individual subcontractors or using a general contractor.

It only reflects the value created over the year.

@Andrew MerewitzState of LLC FormationIt is normally advised to create the LLC in the state that you will be holding the real estate; Florida in this case.If you created the LLC in New York - you would be required to register the LLC in Florida; increasing your total costs.Please also be advised that it can be costly to form an LLC in New York.Location of CPAThe important aspect of looking for a CPA is that he/she understands the taxation of real estate.Technology(emails, phones, skype) allows you to communicate properly through an accountant eventhough he/she may not be in the same city as you.Florida does not have a state income tax.

The “pro forma cap rate” for commercial properties will most often be created using what the potential rents could be rather than what they are.

I decided instead to save the $ and create organized systems that help alleviate some of the more tedious work that comes along with managing the properties myself.