Quote from @Leeling Chew: Documentation probably isn't that big of a deal.

For instance we are raising rents now because we put in a laundry facility.Morale of the story is to close on a deal quickly, then be the go to guy for off-market deals by doing what you say you'll do.

Congrats on the great deal!

I can definitely tell you there's still a lot of positive cash flowing and 1% rule deals and you get amazing appreciation.

A knowledgeable attorney can advise here.Create a solid operating agreement: Since you own the condo with a friend, a clear operating agreement is essential to outline responsibilities, decision-making, and profit-sharing for the LLC.To save on costs:Look for real estate attorneys who specialize in investment properties and might offer package deals for the retitling, operating agreement, and filing the LLC.Shop around for title companies that can handle the transfer smoothly and provide competitive rates.Research DIY options for setting up the LLC if your situation is straightforward, though I’d still recommend a lawyer for the transfer process itself.Good luck with the process!

It had better be a great deal to be worth dealing with all this headache and taking on this risk. 

I am hoping to learn more about how investors analyze their deals and make decisions, as well as looking to better understand general real estate investing.

It didn’t seem like a big deal to just leave it.

Are there any specific markets or deals you’ve seen that align with my goals?

When analyzing properties, it's helpful to run a rental stress test to see if the deal can withstand unexpected challenges.