Once converted to a rental, repairs and improvements may qualify as deductible expenses, but pre-conversion repairs typically do not.

Agree it is difficult to assess costs when they vary so much by location.Keep in mind that some turnovers are sickenly expensive, and that is just the nature of the business. 

Its far far less expensive. 

Hi Saul,Vegas and Phoenix are on the pricier side, so you'll need to put a large down-payment down if you want to cover all your expenses with some cash leftover. 

Are you able to reduce your expenses quickly and easily if needed?

If you sold it for $500K (after expenses) and invested it in a savings account (or some in a RRSP or TFSA-up to your limit), even at 4%, you'd get $20K a year.Also what province is it in? 

A successful rental property should offer positive cash flow, meaning your rental income should exceed your monthly expenses (mortgage, taxes, insurance, maintenance, etc.).To find the right tenants, ensure the property is priced competitively within the local rental market.

We're looking to transfer this into an LLC for liability purposes.From what I can tell, the best way to do this is to retitle the property, pay Chicago's expensive retitling tax, and set up an operating agreement, all of which likely requires a real estate lawyer (what $ base do we use on the tax, given we aren't selling it to ourselves, just transferring it?). 

I was pretty naive going in and the legal components I learned may have prevented me from expensive legal issues at some point.

That’s correct, a foreigner can buy property through a Mexican corporation, which is a great option for those investing in multiple properties or running a rental business.Key Points I'd like to add to your post:Setup Costs: $1,500–$3,000 USD.Ongoing Costs: $1,000–$2,000 USD/year for accounting and tax filings.Benefits: Allows tax deductions for expenses like maintenance, repairs, and management.Best for: Multiple properties or income-generating investments.For a single property for personal use, a fideicomiso is often simpler and more cost-effective due to its lower maintenance requirements and feesUltimately, choosing between a corporation and a fideicomiso comes down to your investment strategy.