@Al Pat haha...disregard, didn’t realize it was an old thread.

My general advice: if it's a one-owner operation and you're not very confident that you're going to have at least $50k of net income in year 1, debatedly $75-100k, just operate initially as a sole proprietorship or SMLLC taxed as a disregarded entity (DRE) to keep costs and administrative burden low.If you're projecting over $100k of net income in year 1, you should engage a tax professional to consult on tax entity selection as you have the wherewithal to do so. 

I see it as creating an issue in court, when you are fighting over rent- I suspect in NJ the judge may be inclined to disregard it.

They're just going to drag you down even more.But you may not have to choose between a refi and personal financing vs 1031 and commercial.If the LLC that you own the property in now is a disregarded entity (meaning it has only one member, has chosen to be taxed as a sole proprietor so it does not file it's own tax return) then it would considered a "disregarded entity". 

This disregards the benefit or non-benefit of paying off in 15 years. 

You asked if you missed anything before--you didn't put insurance, so I totally guessed with $1200/year, and I disregarded mortgaged insurance, you didn't include vacancy or PM, which would all bring this into negative cash flow.of course since you will need to live here for a minimum of 1 year, you will need to be paying a fair share of that total rent collected.

If the LLC is a single member disregarded entity then I don't know that it wouldn't work. 

Is taking the title into a disregarded entity that you own considered the same as your personal ownership of the original property?

@Vania CastilloProblem is that apparently in conn a single member LLC is disregarded as an entity and so when the manager owner of the LLC dies it must go through probate just as if the property was owned individually.Probate as per the lender might be avoided if the loan is to a.

If you mess up as a landlord and disregard renters rights, the tenant could make a complaint to the local magistrate and you could be fined.