Whether that's through house hacking or just another set of units I hold, I plan to purchase again this year. if there are tips on how to build a trusted network of people on here, I would welcome that.

Are you both friends and have unique skill sets and are breaking up the duties of investing based on those skills?

This is something I try to live by and teach my kids if I can - "A human being should be able to change a diaper, plan an invasion, butcher a hog, conn a ship, design a building, write a sonnet, balance accounts, build a wall, set a bone, comfort the dying, take orders, give orders, cooperate, act alone, solve equations, analyze a new problem, pitch manure, program a computer, cook a tasty meal, fight efficiently, die gallantly.

I want to stop being pennywise pound foolish and get things set up properly. 

It sounds like we didn't do a good job of setting expectations with you on the front end.

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!

These are becoming very affordable from retailers like Home Depot and Floor and Decor, and they really set you apart from builder-grade homes!

If you found a few handymen you could rely on, and make a trip out there for a few days to get things set up with shopping, decorating, and furnishing the STR that would remove the red flag of the property manager, and significantly boost your material participation hours to clear one of the thresholds.

It’s a great way to add value to a property without putting a ton of money upfront, and it can set you up for financial success in the long run.Has anyone else done a similar renovation project or used a gift of equity in their deals?

Some investors will wait until they have several properties before forming an LLC but it's often beneficial to set one up early especially with your first property.