You start with a purchase and sale agreement and reduce everything to writing.

@Sharvil Patel1 is incorrect because of 3.5 is prohibited in many jurisdictions or at a minimum causes insurability issues on future transfers.

DC we will see legislation introduced in the pretty soon future.

I won't just write them all here but I highly recommend contacting a qualified 1031 intermediary to walk you through the process.

On the other hand, if you write something into the lease that you agree upon, it should be fine, but that may turn off many prospects IMO.

It has a lot of features that I simply can't write down all together.Zoho SalesIQ it integrates with your websites for real time chat supportZoho Workdrive, this is a Google Drive alternative except Zoho gives you 5 TBs right of the bat!

Focus on areas with strong rental demand, like Broad Ripple, Fountain Square, or near universities like Butler and IUPUI.Maintenance Costs: Indiana weather can be tough on properties, so budget for seasonal maintenance like snow removal and HVAC servicing.Additional AdviceKeep an Emergency Fund: Unexpected repairs or vacancies can arise, so having 3-6 months of expenses saved will help you weather any surprises.Build a Reliable Team: I have lists of contractors, handymen, cleaners and property managers if you'd like me to send.Good luck with your property and future expansion!

Given your financial constraints and the property's ineligibility for historic tax credits, this approach allows for reinvestment into assets more aligned with retirement account rules.For future real estate investments, you don't need an LLC for tax reasons.

Thanks for sharing, the POA to access the original docs is a great idea, and I'm totally stealing it for the future. 

You will get way better loan terms than you would on a Cash out Refi as a partnership entity with no RE experience.This is all very theoretical, can you share the actual numbers so we can help you more?