Possible first rental proprty

[Ken W.]

Hey everyone,

Just wanted to get some feed back in this situation where my parents possibly wants to rent their home out because they want to live in the city for work. This house has no mortgage and had a realtor look at the property and it can rent out for $3000 minimum. I don't think I'm going to have a property manager to oversee the property because I might do it my self to gain some experience. Based on your experience, what other consideration I need to make and calculate in order for me to figure out if this property is a positive cash flow. Also, what do I need to do in order for me to put the house in a LLC because the house is under a personal name and I would like to separate it for business purpose in case something happens. My LLC is not registered in NY but in Utah, and since I doing business in NY would I have to file some paper work through NYS Division of Corporations because it's considered to be foreign enity? Looking forward to your suggestion, thank you.