I'm going to give my answer assuming the underwriting is correct and you've got quotes for your insurance and a few bids (and picked the highest number) for your renovations. 

I want to make sure Im prepared with the correct documentation to rent out my condo and would appreciate all opinions if im missing anything: - I have the rental application- I have my rental property agreement that I will have the renter sign and make copies of and provide them a copy.- I have the statement of condition that I will have the renter sign and make copies of and provide them a copy.- I will have them provide a copy of their tenants insurance for my records. - Will provide receipt for first and last months rent.- Im thinking of not charging security deposit because of all the strict MA laws and just using the last months rent as a sort of security deposit, thoughts?

Each option depends on your timeline, but a HELOC or cash-out refinance will likely offer the best long-term value, and it looks like you already qualify as REPS, which can save you 1000s in taxes if you plan your investment correctly.

@Dat Chung so to state the obvious, your somewhere around 0, correct?

In San Francisco, this choice is taken out of your hands and is instead a determination made from and by the Planning department.From an Investment POV, you are absolutely correct that combining the lower and the ground floor units is the best option to preserve your ability to perform a fast track condo conversion and generate the most equity in the shortest amount of time.

It may take several months of maneuvering to get them positioned correctly , but it will be worth the effort if you get them straightened out.  

You are correct that you still have the original 50k as depreciation recapture. 

Is my logic/approach here correct?

Hi everyone, I need help in transferring a property from my Fix n Flip, LLC to my rental LLC. I bought the property and rehab to sell. But I finally rent it out. So what is the simple way to put it into my Rental LLC?

Isn't it possible we're both correct based upon our experiences in different areas?