Hi All,My girlfriend and I just closed on a property in AZ and I’d like to set up and LLC or LP which outlines our equity ownership and responsibility etc.. I’m not sure the exact path we should take and would love to...

If all the properties were in a personal name, this is an easy thing to do, but when the properties are in nested LLC structures then its not so easy. 

Then you'll have a pretty good idea of what you NEED to pull permits for when rehabbing the next one ;) Also, a structural engineer will need to advise the city wether or not a wall is load bearing or not (at least that's been my experience with Orange County CA municipalities)Good Luck!

That is tax value of the structure for depreciation purposes.

It's worked pretty well for the last three properties I've done and I intend to continue the structure going forward.

Between the two structures, the Solo 401k is generally preferred as long as eligibility can be established.

To do a first investment as a short-term rental and win, you have to know the market, understand the HOA structure and allowability in FL, you have to know the management costs (could be 15-20%), and the science behind pricing, changeover/cleaning, and competition in the market.

There are a million ways to market and create a profitable price structure with this program. 

The building was in great shape, I was able to structure some creative financing.I bought it vacant.  

However, one of your biggest advantages is that your property tax basis is lower relative to current investors, so you have structural margin to capture going forward.