I often break it down into the "five pillars" of protecting your assets.The first pillar is avoiding unnecessary and risky activities (don't drink and drive, insurance generally won’t cover your poor decisions) and take good care of your investments - these simple steps will help you prevent lawsuits before they even occur.The second pillar is a good insurance policy as that cover the majority of your exposure.

I am located in Queens and while I am in the Kingston area once every other month on the weekend, I would love to connect with those actively involved in that market from down here.

@Alexander Grullon It would be great if you can go into a PT rather than FT while doing the real estate activities without it being a financial burden.

I often break it down into the "five pillars" of protecting your assets.The first pillar is avoiding unnecessary and risky activities (don't drink and drive, insurance generally won’t cover your poor decisions) and take good care of your investments - these simple steps will help you prevent lawsuits before they even occur.The second pillar is a good insurance policy as that cover the majority of your exposure.

After a year of success, I would acquire another property.Ultimately, you need to first determine if you are going to be active or passive.

Depends on whether the activity rises to the level of a trade or business or is merely an investment.

Wood frame construction withstands seismic activity much better (because it can flex and remain standing) than brick or block (which tends to shift and fall).

KREIA members are actively advocating on short term rental investors behalf. 

If it’s a limited partnership, The activity from the rental will be shown on the partnership level.

I'm reluctant to house it in Pennsylvania because I know I won't only be doing business there, and also I don't have an address there or registered agent.Lastly, will I have to register the LLC in each state that I am active in?