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To the OP, you might want to ask Seahawk, Z or Eric at PP to change the thread title to something like LLC for rental/vacation properties. I know there are several people who own rentals that might be able to offer good advice.
One thing I'm not quite right about is tax implications. Since the property would be a source of revenue, and you get tax benefit for expenses, if you decided to sell it there would be tax implications. You might consider talking to an accountant to get the full picture.
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Nick
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