I Know it will complicate taxes  because we have to file as an individual and then for the LLC  but there is a fair amount of depreciation and carry forward losses for us to consider, not sure when those will be completely written off. 

(Our personal State Farm Agent recommended them and so far its worked out well) We are in Indiana. 

Quick back story is I am a Missouri resident that sold a Maryland property in June 2023, I've e-filed my federal and MD tax return as of the first week of April 2024.

Does it matter if I keep the rents in my personal accounts?

I will say, in my personal opinion, flips are much more risky.

Nothing is different with Airbnb other than those hosting avail privately owned real estate for commercial purposes and only here its at the hosts’ personal expense to acquire the license and pay the tax.

Section 121 allows a taxpayer to exclude $250,000 of gain($500,000 if married filing) joint on the sale of a personal residence that was lived in for 2 out of the last 5 years.

However, now I'm learning that I should be able to do the same thing and just classify the LLC as an S Corp when filing my taxes and it avoids nearly all of the self employment taxes. 

I am old school I would never personally do that..

I know there does not seem to be a strong presence on BP for people in the New River Valley area (Pulaski, Radford, Blacksburg, Roanoke) but I would like to try and get some type of networking event going (either in person or in an online group).