But if set up correctly, they can be more consistent performers over time and have more predictable cash flow. 

Second, the investment may have been made anticipating a chance of failure; for example an investment may correctly analyze that it has a 50% chance of a 25% ROI, a 35% chance of a 50% ROI, and a 15% chance of a 50% loss.  

You could explore other options, but with limited income on paper, this might be your best path for now.

If you're 25 or 35 and that monthly rent check gives you an extra vacation a year for the rest of your life, that might be fun too.Good luck and congratulations for being in the path of progress I guess.

For example, failing to file a Business of Information (BOI) report correctly can result in penalties of $500 per day or even up to one year in jail if the filing is late.2.LegalZoom or Similar Services:LegalZoom can help create an LLC for about $600.

Outsourcing is by far the best path overall, but the lessons learned should cost you less if you start in-house.

Assuming rents will increase surely it will cash flow at some point correct? 

Asking in the correct forum will get a better response.Need a spreadsheet or form?

From my basic understanding it would make sense to change it to a rental and then do the remodel so I can claim depreciation on my cost, is this correct or not? 

But, he has no ability to take any corrective action he feels is necessary or beneficial.