While time consuming, I did learn a lot and was within $2,000 of my initial budget.

Start with the Arizona Department of Real Estate website and verify credentials, search licensees by entering their names. 

This is obviously much better than $1,400 per month.On top of that, you will now get 2x the depreciation write-off so your taxes should go down.On top of that, you will now get 2x the appreciation when real estate price go up.On top of that, your tenants are helping you pay down the loan, initially at about $100/mo for both properties, which gradually gets better and better.On top of that, you now have more units so if one or two goes vacant, you have more renters covering the losses of the vacant units.If you want to keep these properties, I would do a cash-out refi and go buy more rental real estate.

However if you had done a warranty deed (or a special warranty deed if you still have a mortgage on it) instead, your LLC has a claim against you for the issue on the title, and you in turn can go back to your initial title insurance to fix it.Some title insurance will allow to transfer the coverage to an LLC that you own 100%, but not all of them do or they may require an additional fee.

Verifying last 2 years of rental history very important!

I'm looking at small multifamiles and won't have an issue with capital thankfully.I am in Arkansas and looking to stay local-ish initially.

Also, you need to be prepared to screen prospective tenants yourself and verify vouchers before committing to lease.

Please verify this with your own tax professional.

I’m reminded of a buddy of mine who moved from Brooklyn to Scottsdale.. he initially thought the desert was just cacti and scorching heat, but soon realized there’s a thriving market here with pockets of real oportuntiy.Working with an investor who’s ready to spec build is a fantastic way to dive in.

I would also find a good GC to bring with you to verify rehab and dial that in.