@Stephen Fleming your cashflow probably won't be what you think it will be:(Have you factored in the new property taxes at homestead millage rates?

@Armell MayersBigger Pockets is a great place to find a real estate tax accountant.

Is it fair that the county can raise property taxes due to a strong market?

I do not have any loans through Flagstar Bank, but I would talk to them prior to moving it into the LLC.

Keep in mind, termination can take 30 days so you'll want to provide notice prior to the termination date. 

Politely and clearly, make it extra clear that all information will be verified including income prior to the signing of any lease.  

However, unless you're doing this as part of a BRRRR strategy, you may end up paying closing costs twice and incurring unnecessary interest on the HELOC prior to refinancing.Additionally, conventional loans often have seasoning requirements of 6-12 months, while DSCR loans typically require only 3-6 months.This post does not create a CPA-Client relationship.

Additionally, most servicers will provide the tax documents needed at end of year (1099-INT, 1098-INT) and can also issue notices of NSF, late payments and support delinquency /default.

Property taxes are 2% instead of 1% for landlords as a general rule (some districts may  be slightly higher). 

How do we minimize taxes on the profit we're making on this first home?