Each day like I mentioned is $5.  

I should also mention that this property is a microloft (<300 sq ft) so fits just a single individual.

Jason they have been mentioned here in this forumhttps://kkoslawyers.com/services/#business-entity-section

I would wait to start that new venture you mentioned and see how that goes because last thing you want to do is get yourself in a situation where you lose everything.

Only one bank account needed, but you'd have to track income & expenses to do transfer and year-end accounting.As @Nathan Gesner mentioned, not really worth it.You two could also open a joint bank account for collecting rent and pay expenses, just be sure to track everything.Do NOT do what @Paul De Luca stated about transferring title!

Let’s mention some of the top U.S. states where seasonality is less impactful and real estate investment opportunities remain steady.Florida: The Sunshine State with Year-Round DemandFlorida has long been a hotspot for real estate, and not just because of its beaches and warm climate.

Not to mention the amazing fall foliage!

Not to mention he is very handy so will likely handle most small repairs himself.

Hey @Jeff Ryan - While I can not speak to your exact situation, I can speak to the thousands of homes I have walked here in Chicago, where majority of the homes were built in the late 1800s/early 1900s.I would say that 7/10 of the older homes I look at have some sort of settlement in the foundation, which causes the cracks and sloped floors you are mentioned you are seeing in your property. 

Hey @Lue YangOne thing I did not see mentioned is AVOID FHA!