I would also suggest getting a PM to handle this.

It depends on the rent amount and the difficulty of renting in your area, but I'd generally suggest something more like 50%-75%. 

I think that the suggestions to test the market for demand with an option is a great one! 

In real estate, the biggest hurdles are often the ones you least expect—and sometimes, they’re as small as a crystal doorknob.Back in 2019, a simple set of crystal doorknobs nearly cost us a $25,000 deal on a home on Burgess Street.

Does your tax professional suggest you create this LLC and have a 1% owner? 

Any suggestions or pointing in the right direction would be appreciated.

How would you suggest transitioning part of the portfolio into a passive investment? 

Yes, it really is that simple. 

I don't think it will be as simple as trying to just undo what the last owner did; you're going to need legal descriptions of each lot and that generally requires a survey. 

Can anyone suggest a few towns that have workable or less stringent regulations?