A knowledgeable attorney can advise here.Create a solid operating agreement: Since you own the condo with a friend, a clear operating agreement is essential to outline responsibilities, decision-making, and profit-sharing for the LLC.To save on costs:Look for real estate attorneys who specialize in investment properties and might offer package deals for the retitling, operating agreement, and filing the LLC.Shop around for title companies that can handle the transfer smoothly and provide competitive rates.Research DIY options for setting up the LLC if your situation is straightforward, though I’d still recommend a lawyer for the transfer process itself.Good luck with the process!

I know the seacoast of NH has been mentioned here but I wanted to point out a few options that could be considered.Hampton, a popular coastal town, has strong demand for multifamily units near the beach and a robust short-term rental market, especially in summer.

We’re looking for Excel models to compare these options and calculate potential net worth in both scenarios.

After weighing our options, it seemed the best approach.

Since I'm a new immigrant with no credit score, a DSCR with 30-35% down payment is my only option, so the 50K need to include that down payment alongside all other costs (closing, rehab, etc). 

Aim for a credit score of 680+ for better refinance options.

@Bill B.It will give rise to a new option for younger generation. 

As you are living in the US and might this virtual LLC office work, it could be an interesting option. 

(This option would would not carry any debt, all debt would be paid in cash)Or keep our current house, rent it out, and cash flow NET monthly about $1,500?

Here is a link that provides fantastic information on the turnkey investing option from BP.