Ensure the price reflects these issues so you can negotiate effectively.

Then, before buying anything else, make a list of all the learnings you got from this experience, and then list the systems and policies you'll put in place to ensure you never do this again!

Let's say someone was bungee jumping off a balcony railing and the railing broke and they fell, injuring themselves.They could sue the property (ownership LLC) because the railing was "not secure".They could sue the manager (management LLC) for not ensuring the railing was secure.They probably will sue both and let the court sort it out.I don't see how 1% ownership of one LLC to another prevents any of the above from happening.

You MAY be able to ensure nobody is living there and avoid the need to use a constable/sheriff by having the municipality's code enforcement office post a notice saying the place is "uninhabitable".

However, we also learned that even in high-demand areas, careful buyer vetting is key to ensure smooth closings on fast flips.

Nevertheless, it's always wise to conduct through research on any business before engaging with them to ensure your interests are adequately protected.Hope this works.

They can provide valuable guidance to ensure everything is set up correctly.If you prefer a DIY approach, services like Zenbusiness or Tailor Brands can help, but they won't offer the same personalized advice.Good luck, and feel free to ask more questions! 

The right advisor can help align your investments with your long-term goals and ensure all parts of your financial life work together.Since you’re in Canada, I’m not able to help directly, but I recommend starting with BiggerPockets’ search tool to find a real estate-competent advisor who may be able to serve you: BiggerPockets Advisor FinderIt’s great that you’re starting here on the BP forums, as this community tends to have good insights and referrals.

Consider exploring alternative financing methods such as bridge loans, seller financing, or specialized 1031 exchange loans, which are tailored to streamline the exchange process while ensuring IRS compliance.I remember when I first got started with house hacking, I made the mistake of not looking into all the nuances of 1031 exchanges.

Your best bet is to ensure that there are no material modifications that would in any way harm or even moderately delay the ability to rent it out and qualify as a normal SFR (one lease, one family) or sell on the market to an owner-occupant