Two of the biggest challenges I face are that I’m not very liquid at the moment, and the Seattle area is extremely expensive.

When loans were called, was it due to specific triggers like delinquencies, insurance lapses, or low-interest rate portfolio loans held by smaller banks?

Once converted to a rental, repairs and improvements may qualify as deductible expenses, but pre-conversion repairs typically do not.

The Main St property in Grainfield, KS, offered a promising opportunity due to its low purchase price and strong potential for a high return after renovations.

We'll certainly want to keep the property tax basis as low as possible if we hold it.

Hi Saul,Vegas and Phoenix are on the pricier side, so you'll need to put a large down-payment down if you want to cover all your expenses with some cash leftover. 

Here are a few strategies to consider for funding a down payment:Partnering: Like Gregory mentioned, finding a partner who can contribute to the down payment in exchange for equity or a profit share is a solid option.HELOC or Cash-Out Refi: If you have equity in your home or another property, a home equity line of credit (HELOC) or cash-out refinance can provide the funds you need.Private Money: Reach out to friends, family, or private investors who may be interested in lending you the down payment with a promissory note.Seller Second: In some cases, the seller might agree to finance a portion of the down payment as a second mortgage.Live Frugally and Save: It takes time, but reducing expenses and setting aside funds from your income is a tried-and-true method.The right approach depends on your situation and deal structure, but a mix of creativity and resourcefulness can go a long way.

Looking at this mathematically, if you assume a 50% non-renewal rate (industry standard) and use the low end of the range of $5,000 per non-renewal, there is a loss of $50,000 per year on a 20 unit property.

We're looking to transfer this into an LLC for liability purposes.From what I can tell, the best way to do this is to retitle the property, pay Chicago's expensive retitling tax, and set up an operating agreement, all of which likely requires a real estate lawyer (what $ base do we use on the tax, given we aren't selling it to ourselves, just transferring it?). 

If you sold it for $500K (after expenses) and invested it in a savings account (or some in a RRSP or TFSA-up to your limit), even at 4%, you'd get $20K a year.Also what province is it in?