Not only will you lose your property tax exemption, but you may need to secure LTR tenants.

From screening to security deposits to eviction, recent laws create many ways for owners to trip and fall.And now Multnomah County has prevented landlords from evicting delinquent tenants.

You should secure that switch (or that area), so you can control who accesses it. 

For simplicity, consider forming separate LLCs in each state for properties, using a revocable living trust for probate avoidance, and securing umbrella insurance.

or have you found various creative solutions to secure favorable terms?

Their lender even noted how this switch opened doors for them to secure a third property within two years.From what I’ve seen in Forbes, this decision often depends on the investor’s timeine.

I saw someone post in a group who I think is a schmuck brag about hitting a specific figure for their training and I just shook my head - like wow - this person is a great sales person and just steals the same lines from the business book about working hard and throwing out some slick slogans - but man oh man - when real estate gets hard people move to being a guru - just look at FB ads right now - many are not funds anymore but how to raise money, how to do X.

Other asset classes aren't so the depreciation schedule may not be as quick/beneficial.2) And it is even possible to find deals that are what I call "super-shielders" and which not only shield all the distributions in the investment but have extra to use over on other real estate investments that are throwing off income. 3) Unless you're doing a 1031 exchange  at the end or similar tax structure to defer taxes, you will have to *pay back* all that depreciation benefit at the end (on sale...which for you is in 5 years)  via depreciation recapture.

As lenders, well issue a prequal/preapproval letter if we've analyzed your income, assets (bank and brokerage statements to establish that you have the liquidity to afford the down payment, closing costs, and reserves), review credit of the guarantors, review the relevant experience to ensure that we're not throwing our money away on newbies that are wandering around in the dark, and have put together a reasonable plan of attack for the project.

Im not a lawyer, Id flip that house though. maybe get the priest to come throw some holy water on it.