@Andrew Slezak I recommend you first articulate precisely the liability events or concern which are pushing you to transfer the property to an LLC.

-------------------------------------------------------------------------------------------------------Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

Our market heavily relies on the universities event calendar, so wanted to weigh in here on some recommendations. 

I recommend you research the local section 8 program. 

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I would not recommend relying on a HELOC as emergency funds for everyone.

. - So, recommend having that first hire document the crap out of what you want them to do.

Lastly, I’d recommend running the numbers for your long-term goals.

I’d recommend confirming the scope of work and checking with the Tennessee Board for Licensing Contractors to determine if a license is needed for your specific project.

I would recommend at least $300-$400/month in cash flow after expenses to make this potentially worthwhile on a SFH.