Benefits include immediate tax savings via bonus depreciation (60% in 2024), but depreciation recapture tax applies upon sale.This post does not create a CPA-Client relationship.

Most sellers probably would not have sold on creative financing if they had a way to get rid of the mortgage when they sold.So, pay off $200,000 (or whatever) on a property you no longer own to save your credit?

It can just be held in a savings account, no special account needed, but I always keep mine in an account separate from anything else.

LLC's have their place, but they are overhyped and new investors tend to overestimate their importance and underestimate the administrative effort.I have been a landlord for 15 years and well connected, yet I don't know anyone who was very saved by an LLC, so I asked BP nation:https://www.biggerpockets.com/forums/926/topics/1151922-than...

Managing the operation myself could save money and provide better control compared to working with out-of-state properties.

While state specific leases are simple and can work, spending the extra investment and having a real estate attorney help create one for you will likely create more value/protections and save you money in the long run

It's about saving yourselves people. 

I will have hard copies at the viewing, but if you print and fill it out prior to the viewing, this would save some time should you want to expedite your application in the process.

After buying this house, I partnered with others to invest in a duplex in the Wichita area.At the moment, I’m living in Tennessee, and I’m weighing two options: either selling my house and using the proceeds to buy a duplex in Overland Park or Wichita with my partners, or keeping the house for another 3 years, transferring it to our LLC, and renting out the entire property to maximize its rental potential ( $1400-$1600 ) I currently owe $200k on the property with a 6.5% interest rate, and my monthly payment is between ($1,700-$1800).

If the rate is reasonable then it may make sense to try to save fast to get to the 3.5% down payment on a double or triple - househacking may allow you to increase your savings rate and pay down that loan even faster.As for estimating costs, closing in NY factor at least 1% of the mortgage amount for tax, plus $1500-2000 for lawyer, title and fees, then the amount required by the bank for escrow will depend on the actual property taxes and insurance.