The STR Hospitality business is 24/7/365.

I am trying to get started as I have been told about getting an LLC, Business license and so on.

If they are a new business, ask for a letter from a CPA (make sure they are legit).

Thanks for sharing those experiences -- all great things for anyone starting out or even those in the business to remember the basics.

The reason I haven’t purchased anything yet is because I’m a new real estate agent and I’m focused on building my business as an agent for the time being as well as saving up money for a down payment while I’m building enough of a track record to show the banks that my income is steady enough to be approved for a loan since I won’t have any w-2 income.

Vacant Land:    - If no improvements: you may be able to extend coverage from a Homeowners or Business policy

I always recommend for my clients (and myself) to run the investment portfolio like a business and suggest to form an LLC (running as S-Corp), even with only 1 property.

Keep your common areas clean and neat, possibly have a house cleaner come in twice a month for these areas if your budget allows it, have solid house rules that you enforce regarding at a minimum quiet hours, parking, smoking, pets, and visitors just for starters and be sure to run it like a business and decide if you will have month to month terms, 6 month terms or yearly terms.

Or is there anyone that would potentially wanna sit down and join my LLC as a lender and we can discuss terms and build a connection and do good business together! 

If you do enough business then it’s worth it.