Should I establish an LLC immediately for the rental property or should I wait?

Another criterion that I did not put in my original response was that we had to establish boots-on-the-ground partners in the market.

With an established presence in the Fairfield County market, and a reliable team of a proven general contractor, property manager, and leasing team, this property seamlessly integrated into RCA’s portfolio.

Establishing a robust financial base is vital, as it echoes your investment aspirations and capacity for risk.

It was definitely a gamble, because I was assembling furniture up until the night before their check-in :o I only had an opportunity to advertise on FF, because it was the first place we posted and it got enough inquiries right away.

@Dave Foster will be able to help with this...the first question I have is have you actually established what the capital gains amount may be? 

Stay cautious and establish a good rapport with tenants to mitigate potential risks.

Pick one that does not mess with your established rent.

It's more gambling than anything else.

Establish some "safeguards" to keep them honest and consistently check their work.