For long-term planning, consider transferring the property into a trust to manage tax and legal complexities.This post does not create a CPA-Client relationship.

Congratulations to you for setting yourself a goal and having a plan in place to execute it. 

In the future, I plan to have more rentals but more interested in out-of-state investing than in state so I currently only have the one rental.

I’d plan for extra amenities like special decor or concierge services. 

Newsom's plan is lazy governing.   

Initially, our plan was to fix the drywall leaks, clean out the property, and relist it for a small profit.

Happy you joined the party.. how soon do you plan to start crunching numbers on a potential deal?

While I don't believe that you need a full blown business plan, strict operational budget, timeline, scrum board, etc...

I bought 6 unit property in Wildwood,NJ,in November 2024, doing rehab now, should be done by May 2025I am planning to subdivide 6 unit building to 6 separate condos and sell fall 2026, , if there are any experts in 1031 that can help me?!

I currently have a bank account dedicated to my first property which I hold in an LLC, and I'm planning on paying out of pocket for the start-up costs initially but I wasn't sure if creating new savings accounts under my first LLC's Bank constitutes a comingling.