@Greg Kimmerle we’re in Lake Elmo, MN, about 30-45min east of the Twin Cities, almost on the WI border. Here are some articles that have more details in case anyone is interested… https://woodburynewsnet.org/5544/business/two-new-restaurants-coming-to-lake-elmo/ https://www.twincities.com/2025/10/15/lake-elmo-new-restaurants-fire-station/ https://finance-commerce.com/2025/10/lake-elmo-tap-and-ladder-machete-restaurants/

Great info. I have a few questions I’ll post here soon and/or shoot off an email about but great starting info.

Entity Structure Questions - buckle up! - First, this list that you have provided seems to be a self-help guide to allow us to understand how to set up our own entities. But I also see lots of posts about working with a specific company or attorney to set these up properly. I have also heard that some people initially set them up wrong and then have to go back and fix them which is a real pain. I assume you recommend setting them up through a company or attorney, but then it makes me curious why you have such a detailed list and post about how to do it yourself. Not throwing shade, just want to make sure I understand… maybe it is just hey, if you’re going to do it yourself here you go but we do recommend you use an attorney? - - For married couples, seems like the most straightforward way to do this is a single member LLC under the spouse‘s name that the property is in? For example, we have three properties, one in my name and two and my wife’s name. I assume the LLC’s should be set up two under her and one under me? - - I have heard many mixed things about setting up a Wyoming holding company. This list briefly talks about it, but doesn’t really talk about how you set one up. I had a call with Austin recently who helped explain some of this, but would be curious to get a little bit more of your take on it. Also assume it would be helpful for other people to hear your thoughts on it in this group. - - Should the Wyoming holding company be a multi member LLC with both spouses? Or does that not matter? - - From a tax preparation cost standpoint, I believe you guys would charge separately for a multimember LLC or a holding company LLC… So is that one additional tax return charge regardless of how the holding company gets set up? Or is that two charges if you set it up as a multi member LLC? Sorry for my confusion on this. Just want to make sure I understand what I’m getting into :-) - - For our new fire station taphouse / restaurant project, we will need to set up a multimember LLC, because we have a restauranteur who will be a partial owner. I assume we would need to set up a more detailed operating instructions to make sure all of those bases are covered. So again I assume working with an attorney or a company to walk through that makes the most sense? Instead of trying to figure that out ourselves or with ChatGPT? - - Since it will already need to be a multimember LLC, does it matter if it is me, my wife, our business partner, our business partner‘s wife? Do we keep it simple with just me and the restaurant partner? Does it not matter? Both from a tax preparation cost standpoint, and operating agreement standpoint? - - In my conversation with Austin, and I believe with the PRIME Pace Morby group who I also talked to about helping with entity structures, they talked about multiple bank accounts and money flowing up to the holding company and back down to separate LLCs. Do you have a video or narrative that helps explain this a little bit better? If one entity cash flows more than the others, and we are helping some of the less cash flowing assets stay afloat, how does that work? Right now everything flows into one business bank account for our three rentals, and we also pay some expenses out of our personal account. I know this is commingling funds, and that could become a problem, so how do we best put that plan into motion, knowing that our properties are not cash flowing as much as we would like? - - I know this isn’t specifically covered in your post, but we’re also looking at setting up a trust. I noticed the referral to the STR log guys, which I plan to reach out to and get their input, but wondering what your input on this would be. How exactly do you recommend properly setting up the trust in conjunction with the holding company etc.