My question is: is it possible to raise the rent up to market rates if a new tenant is placed, or does the unit need significant upgrades to justify such an increase?

Once I have become successful with the first property, of course, I will seek to invest into my second property, then from there I would like to add a few properties per year to my list.

I think would like to renew, but they've occupied the property for some time and the rents in the area have probably increased.

How do I trust the information given by these essential pillars of out of state investing and remove the veneer of these representatives seeking their commission or monthly dues allotted to PM companies and effectively gather the data I need to move forward?

I have about 150K to invest with the same amount in reserves (but could be used to increase my position).

A LLC will not provide any better protection at your point in investing and will only increase your operating costs and make it more difficult to get financing going forward.Insurance is the real protection, LLC is more for psychological protection.

However, he is currently seeking a new small business, so some source of income should be available within a year.

It will end up saving you both a lot of time and increase efficiency.

I have a duplex that I am currently house hacking, which should cash flow about $400/mo when I move out, but am looking at the possibility of adding another bedroom or bath to one of the units, as well as possibly adding one or two units which could potentially increase the cash flow.

If you are over 50-60% start systematically reducing the introduction of moisture and increase ventialtion.Make sure the basement is dry, if not check your gutters, downspout extensions and get a dehumidifier.