Quote from @Kwanza Price: Thanks Chelsea for your reply.I mostly wanted to understand what the experience was like and if you have any advice for setting up an LLC/IRA?

Hi @William Taylor, As an agent and investor, I have a few suggestions. 

Essentially all legit buyers will get an inspection.

Can you really give an unbiased opinion? 

House hacking with an FHA loan (3.5% down) could be a smart way to start while minimizing living expenses.

@Kyle Kulhanek Are you planning to transfer the property into an LLC owned by both individuals on title? 

@Brett Coultas if you're a newbie, you want to be careful of an "investor friendly" agent selling you something they truly don't understand:(95+% of agents only know how to handle owner-occupied transactions - you can verify this by asking them calculate ROI for you or Cash-On-Cash!

Good to get an update on this post.

@Francis M., I left Anderson for a small firm that will do the actual taxes and then another company that specializes in tax strategy. 

@Lauren Ruppert Yes, an LLC can sell a property to your child’s LLC, ideally at fair market value (FMV) to avoid gift tax complications.