But it only works if it fits your goals.  

. - LLC doc sets are fairly cheap and easy to create these days (with limited assistance from lawyers) and its much much better to have that cover bases on arrangements like this - it will also fit nicely with financing options - whether you take on debt from a lender in a co-equity situation like your first plan (refinance loan to LLC post rehab?)

Let's connect, love to know more about your project and see what program might fit.

I'm confident this is a good fit. 

Depending on what your overall budget is and how much you want to be involved in the house, there are many areas of Orlando that would be a good fit.

Make sure these expenses fit into your investment plans and budget.In short, while you don’t have to set up an LLC before buying your first property, it can definitely offer some solid benefits like liability protection, tax flexibility, and a more professional image.

Do your own research and find what fits.

Look for neighborhoods where house hacking is popular and where you can find properties that fit your budget and investment goals.Networking: Connect with other investors in your area.

The old saying of buying the ugliest in a great location fits this property, but after reading other posts I know there will probably be difficulties with gaining clear title from an Upset Sale in any sort of timely manner.  

@Johanna Valencia If you're looking to scale the portfolio, I'd suggest getting into another multi, somewhere within a manageable distance as to make it easy for you to manage, but also find something in which you will be able to fit your family.