Quote from @Shannon Vistisen: Good Morning,I'm working with an investor (family) who owns raw land within an LLC.

Great job and good luck to you!

Buy not many people can do this and it requires very good book keeping.

You should consider creating a good entity either way, but especially if you are going to self manage.

Rent-controlled places can still be good investments, but it’s all about playing the long game.What’s the situation with the rents?

A good real estate accountant can save you thousands of dollars by leveraging entity selection and formation, tax deductions, cost segregations, bonus depreciation and tax planning.I recommend finding an accountant specializing in real estate taxation, business taxation, financial planning and tax planning.Consider working with your accountant remotely to expand your options.I would also recommend looking for an accountant willing to work with you throughout the year.

They have a ton of really valuable and good information with their webinars, etc. 

If it is as good as a deal you say there will be people out there

If you consistently analyze properties, recognizing a good deal will be much easier when it shows up.

Context matters: for some apartment buildings that compete head to head with a very similar property just down the street, this may be a good strategy.We rent premium single family homes and I have never offered an incentive.