Liability into an Asset

[Alexander Thompson]

Hello BP Community

I am gearing up to entering into real estate and would like input on turning my current private residence into my first investment property. I admit part of wanting to keep the home is emotional, but I also believe that it would be a good investment property and maybe the transition will be easier since I do own it already? I If i put my numbers into some of the rental property analysis spreadsheets i see positive cashflow, but i am wondering if there are any huge red flags that I am missing. Ideally i would transfer my property from me into my rental property LLC, while my family and I move to a different residence. Please advise. any input would be greatly appreciated