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 do this. Buy huge houses and like to remodel them then rent them on airbnb. Our biggest issue is we get rentals every weekend so have to block out weekends for us to actually use. We learned to double the price ($600-700/night to 1200-1400/night) on weekends we want to use and if they book we just use it to vacation somewhere else.
Bought the properties as long term investment and figured we’d list to be able to write off all expenses to help offset costs but now it’s a profit center so use the extra cash to upgrade and plan on buying more.