Separately, there are tons of older extended stay hotels in all the major growth cities with people living in them paying (fairly high) monthly rates due to convenience or lack of qualification for typical rentals.

I've come across a property with a basement which i can turn into a separate unit.

You don't even need an LLC for a rental property, especially if there is a mortgage on it.Make sure you have the correct type of insurance as your number 1 priority.My partnerships have a separate tax return and it issues a K1 for my personal return.

The plan is to refinance the new unit separately immediately after completion and pay back the loan. 

I am currently working on setting up my one hundred fiftieth LLC so when I buy my first 150 notes I can place each one in a separate LLC.  

I've done this with my properties because I'm well known in my small town and don't want people to know what I own.LEGAL PROTECTION: By placing your assets in an LLC, you are legally separating them from your personal assets.

Separately, if you're getting $1400 a month on a 230K house with very low vacancy, there may be room to increase rents. 

Hello, my wife is an optometrist and we are looking to use a physician loan to purchase our primary residence.We have some debt that we would like to payoff through a DSCR cashout refinance in am existing investment property I currently own and from there we hope to be in a good place for the doc loan.Our challenge is finding a lender that can handle both the DSCR cashout refi and the doc loan, since coordinating two separate contacts seems to add extra challenges.If you or someone you know can do physician loans (for optometrists) and also DSCRs I would appreciate being in touch.

Those loan programs allowed me to get into the real estate game and buy my 1st property in 2017 after separating from the U.S.

I stay away from historical buildings in general for all of the above reasons and more, unless it's a larger scale commercial building with concrete floors and great "bones" that can separate the uses/tenants better.