Hey all - I am US-based. I already have one business but am looking to diversify. We travel to Florida quite a bit as it is and I am thinking about killing two birds with one stone and starting an LLC or something and purchasing a place with it. I want to walk before I run and take our time with it so as a worst-case, it would be somewhere we’re using ourselves and testing out with rentals along the way. Best case, we like doing it and expand it. I figure it gives us a vacation spot, tax advantages, and a business opportunity.
I am looking for general advice on the startup, best practices, pitfalls to avoid, etc. from anyone who has ventured down the same road. Thanks in advance.
I haven’t purchased a property in Florida myself but I specialize in accounting for real estate clients and have quiet a few who use a Florida property as their vacation home.
I would be conscious of the tax laws in your current state. There are certainly tax and business opportunities to take advantage of