The LLC would essentially serve as a business checking account to collect rental payments from your roommates/tenants and potential write-offs for expenses such as property repairs/maintenance.

Total hands off, perfect property, with awesome tenants who pay on time or early and never ask for any repair. 

looking to accurate my rehab costs calculator, specifically in the Pittsburgh area.Of course, It varies from one investor to another, depending on the quality, standard, size, condition, and team.I am looking to get a range or see how much you pay for each remodeling. 1) what's your range for remodeling a kitchen completely (granit, backsplash, tiles, etc)?

but, it's not going to be "profitable" for several years, depending on how you define profit.you'll have a down payment, then closing costs - which new investors always seem to be shocked by - then potentially some costs to get a property rent ready, then you'll pay a month's rent to get it listed and rented out, then you'll likely have some repairs after the tenant moves in.  

Hey Peter, thanks for the comment and the insight and you are absolutely correct about knowing what sells in your market, I see this happen with a lot of fix and flip projects that are just in the wrong areas, the investor gets the house for a good price however spends too much on repairs and adds a lot of luxury thinking that it will push the ARV significantly higher than the average in the area.

I'm thinking that repairing the plumbing leaks and getting the soil dried out could be a permanent solution.   

Hi Randall-Congratulations on buying a rental property well back in 2020.I am sorry to hear the property is now cashflow negative $200 a month.Your question is should you sell or continue to keep it with the negative cashflow.Depends on your personal goals and if being negative $200 a month plus any unexpected repairs or vacancies is affordable to you, but if you can solve the negative cashflow by turning the property into a furnished mid-term rental, for example, your future self may thank you.To Your Success!

To determine the quality of a property requires to evaluate all of its return as well as potential return.  

Remember, turnover is one of your most expensive costs, so try to eliminate downtime and repair costs by doing it right the first time.What are your tricks when it comes to renovating or maintaining rental property bathrooms?

I would only do this if you can find a quality property manager.