Be as detailed and specific as possible when mentioning your future plans, current operation/experience level, ongoing projects, etc.

Again, this is a subject of its own, but can be distilled down to: The Project that has the best financial performance and entitled (permitted and operated) that best meets market reality (demand).

Moreover, I can assist you with any of your tedious operational needs that you may not have the time for.

Moreover, I can assist you with any of your tedious operational needs that you may not have the time for.

Purchase price: $550,000 Cash invested: $27,500 Bought this new construction duplex to operate as a house-hack STR.

My experience has been that as a new LLC/not part of a syndication, you will personally secure the obligation to a credited for the LLC anyway.In my mind, having the LLC makes you think of the rentals as a business-you need an accountant, legal team, property management decisions are more streamlined, and there is some pride in your own business, as well as those are the steps larger operators have as minimum requirements, and makes you ore credible at REIAs/networking events.There are a host of other factors that are constantly debated with strong, valid arguments on both sides, and I’ll steer clear of those to stay on topic to your post.

In my opinion you should invest for cashflow first to ensure that you can service the debt and properly operate the property even through “tough times”.

You should make it clear in your operating agreement who can do what and what signatures are valid to conduct financial transactions.

I'd recommend having a business plan/operating agreement in place, a strong lease that covers all the typical tenant issues that come up such as pets, late fees, adding/removing roommates, breaking the lease, making improvements, maintenance requests etc, and just sticking to it.

One dramatic example last year:  Our operating partner acquired a Louisville mobile home park for $7.1 million, half cash and half debt.