We have created work instructions for every step of the process so we can maintain consistency in how we evaluate properties, communicate with tenants, market our properties, handle rent increases, manage property turnover, etc..... 

Start by formalizing the transition—create a lease agreement and maintain detailed records of rental income and expenses.

There are also additional costs of operating and maintaining an LLC, like separate bank accounts, annual report filings, tax filings, etc.2.

If an LLC is the best way to go, should I create the LLC in Idaho using an address I plan to maintain in Idaho?

That’s one of the highest growth forecasts in the country while still maintaining strong rent-to-price ratios.Memphis also has a resilient economy, driven by logistics (FedEx), healthcare, and a high percentage of renters.

Quote from @Yaroslav Shtogun: Good morning,Some updates, we did home inspection and the house is not good condition since it was built in 1950 and was not maintained well.

Class A properties will generally have high valuations and lower market Cap Rates.Class B Property:A step down from Class A, Class B properties are in the 10 to 20 year-old range, and are mostly well maintained.

To thrive in real estate investing, you must maintain a firm grip on your finances.

Now we're seeing major disasters in densely populated areas and insurance companies can't maintain their profit margins.

If maintaining strong cash flow and minimizing risk are more important, Option 1 is the safer choice.Good luck!