Purchase price: $1,200 Cash invested: $25,000 This property has been renovated from top to bottom and is larger than it appears: family room, dining room, 3 bedrooms, small kitchen, laundry/mud room, and a fenced yard.

If its sub $1000 your probably in D class undesirable areas. 

My landlord experience:  I had what I'll call an "undesirable family" move into my SFH for rent.

We spent a lot of time trudging through the mud to learn work/life balance, how to handle and coordinate contractors, design decisions, etc.

So I plan to patch the cracks in the walls (some 1/8" or larger, diagonal from windows and door frames in one room, cracks appeared to be quite old), mud over the texture, scrape off the unpainted popcorn texture, and rip up the peel and stick floors to see what condition the slab is actually in.

The scope of work is inclusive of only a handful of materials (leveling compound, bonding agent, cement board, vapor barrier, tape, red guard, grout, thinset, sheetrock, firring strips, mud, fasteners, old work boxes, light switches, duplex receptacles, and cover plates) and all labor.

By no way, am I perfect, but I feel it is important to get your hands in the mud and learn from others mistakes.Professionally-  You need a power team.  1- Agents 2- Contractors 3- Property Management (Especially if you are out of state). 

I've worked concrete and have been exhausted pushing around mud that was 1/10th the volume of this. 

Please don't take mine or someone elses word on this until you explain your entire story to someone who can truly speak to this.I'm sorry this is as clear as mud, but you need to bring this question to a licensed person that can be properly familiarized with your situation-that way if this gets goofed up for some reason it's not on your head.Tax consequences for Transferring to an LLC:https://legalbeagle.com/13312030-tax-consequences-for-transferring-property-to-a-limited-liability-company.htmlContributions of Property to an LLC:https://www.thetaxadviser.com/issues/2009/oct/contributionsofpropertytoanllc.html#:~:text=General%20Nonrecognition%20Rule,the%20member%20or%20the%20LLC.

Let's say you can afford only a $400k condo, but the only areas where condos are for sale in that price range are in somewhat undesirable, and you are accustomed to living in a more upscale city.