I am the only real estate investor with my bookkeeper and at first she thought this was a little overboard but once she started setting rules in Quickbooks to simplify her work she quickly realized how simple this method makes things.

I don’t have an STR myself but have helped a friend set up and manage a couple last year and it’s not as simple as it used to be. 

Assumption by an EntityUnfortunately, assuming a VA loan directly through a legal entity (such as an LLC, corporation, or trust) is typically not allowed because:Primary Residence Requirement: VA loans are designed for owner-occupied properties, meaning the assuming borrower must intend to live in the property as their primary residence.Credit Review: The VA and lender require the assuming party to undergo a personal credit and income review to ensure repayment ability, which entities cannot satisfy.3.

Also, it goes without saying that if you make a procedural error (very likely as the process is designed to trip up the unsophisticated landlord, and all tenants have the right to a pro bono attorney), then you have to start the process again from scratch. 

Depending on the state, you will need a designated agent for your LLC, in that state.

Best of luck to you working through the renovations - if you need any design advice, feel free to reach out!

Your mentor has needs; try to meet them and develop a mutually beneficial relationship.A mentor can benefit your growth, but it's not as simple as one post on a forum full of strangers.

You can secure the property with a promissory note drafted by a lawyer or a title company, but keep in mind that “taking back the property with the note” as it is often pitched by gurus is not always actually that simple.

Yes, it is possible to obtain a second FHA loan, but only under specific circumstances, as FHA loans are designed primarily for owner-occupied properties.

Advice on Layout/Design: For those who have added ADUs, do you recommend standalone units, garage conversions, or a combination of both?