Your insights into the importance of a knowledgeable capital partner and the potential of these projects are valuable.

You should track your own units expenses as well so when you move out, you can quickly reclaim any expenses or depreciation you built on the personal unit when converted into a 2nd business unit which would then be included on your schedule E.You also write off half of your property taxes, insurance, HOA dues, or any shared expense.

Managing a property can be incredibly rewarding, but it does come with its fair share of challenges—especially with the recent shifts in Rhode Island legislation.In 2024 alone, 39 bills were introduced, and seven significant ones passed, including extended rental terms, mandatory fee disclosures, and other updates that every landlord should have on their radar.

Account for all costs, including closing fees, holding costs, and repairs.

Worth is the DFW Real Estate Investors Club...normally 2-3 hours including breakfast. 

A real estate lawyer can help you navigate the specifics, including ensuring you don’t inadvertently trigger any unintended tax consequences.A few tips to consider:Check with your mortgage lender: If there’s a loan on the property, transferring it to an LLC could violate the loan’s due-on-sale clause.

@Jerell Edmonds is right that many of us, including myself, waited because of fear and feelings. 

I’ve learned about people, property management, and (most importantly) myself.

Please advise.ThanksMel I'd recommend a local Independent Agency that has access to multiple markets including surplus lines

Treat this property as a business and factor in all the associated expenses, including mortgage payments (if you pull a loan), maintenance, and potential vacancy periods.To simplify management and make this less of a hands-on job, I’d strongly recommend working with a property management company.