We negotiated a deal with the owner for 20% Equity, we are responsible for infilling the community as well as property management (which we also get paid separately for).

As a result, if you decide to setup an LLC I would recommend CA if you are a CA resident, operating LLC from CA, or own rentals in CA.

Hello everyone, I am reaching out to the BP Community for suggestions.My Portfolio100% owner of 7 SFH PropertiesGP in about 30 SFH properties(of which I own somewhere between 25% to 50%)All but two properties are managed by a PM CompanyNet worth of the above is about $2,000,000 - $2,500,000My IssuesI have many SFH's - Which take up time(Currently spending time paying property tax and insurance, requesting quotes on insurance policies and overseeing the PM Company(approve rent increases, approve renovation projects, etc).They also take up head-space(having to remember property addresses, remembering when property taxes are due)(I have reminders/systems but something I would like to reduce)Goals1) Spend less time on Real Estate2) Free up head-space2) Make $240,000 annually from real estate(Which I think is not to hard if I can increase my net worth and can get an 8% return)Possible Solutions1) Sell all the SFH's and buy 4-Unit Properties to take advantage of conventional financing2) Sell all the SFH's and buy one large apartment complex3) Sell al the SFH's and invest in syndications4) Sell all the SFH's and purchase stock / bonds5) Continue to hold all the SFH's6) Any other suggestionsOther Considations1) Should I consider private notes?

I have decided on a value that each LLC has before starting the next LLC and some of this depends on the location. 

The good news is owner occupying allows you to get away with things like this a bit more. 

It is my understanding that the new owner will have the house at the cost basis of my purchase price, for calculating capital gains taxes or depreciation.For gift tax purposes for you - FMV.For capital gain tax purposes for the recipient - your original basis/purchase price 

@Joe Norman Those were the big 3 I figured would help the most, but I think wasn't sure how much actual applicability they had as a business owner/investor.

American Family recently discontinued their multi-family coverage, leaving many property owners scrambling to find new providers.

Quote from @Melissa Conner: If you are an agent that is a landlord or you work with owners of rentals- you/they Just called Melissa. 

You can probably beat $2000/year insurance, but the management fee should be 10%, you need to factor in turnover too and 5% is probably not enough for both maintenance and turnover and I assume you added it, but you didn't mention property taxes (which have been terrible in Jackson County lately since Frank White decided to jack them through the roof).