Once the study is complete, working with a real estate tax accountant will help you figure out the best way to use that information and ensure you’re maximizing your deductions in a way that fits your overall situation. 

If your goal is to grow your LLC, consider arranging all of your properties under an agreement with your LLC to manage them & take all of the legal steps to ensure that the structure is correct. this may involve creating LLCs in the state(s) your LTRs are in to own the property and your PM LLC managing those properties, so that you don't have a concentration of all of your portfolio in one entity.

In that case, I would vote for you to refinance at a lower LTV (~80%) to ensure you are breakeven/some small cash flow at a minimum.

A good rule of thumb is to use 20-30% of your savings, ensuring you keep enough for emergencies.

Tools like Cozy or Buildium can streamline processes.Understand Legal Obligations: Stay updated on Colorado landlord-tenant laws to ensure you're compliant with security deposits, lease agreements, and eviction processes.Effective Communication: Set clear expectations with your tenants about communication channels and response times.Regular Inspections: Schedule periodic visits or hire someone to conduct property inspections to catch minor issues before they become major problems.Final ThoughtsWeigh the pros and cons based on your circumstances.

Once you move out, that will ensure you have some money for a down payment on the new home or if you live with them longer term, use that to buy an investment property.You are right in not all homes make good rentals.

My approach combines thorough market analysis with a deep understanding of client needs, ensuring that each transaction is beneficial for all parties involved.

We have a property in IL that we are looking to raise capital to stabilize and we want to be organized, professional, and efficient.

You want to ensure you get your feet wet on a smaller scale if you do it on your own or find a good partner to "hold your hand" in the first deal.

Be sure to refine your deal analysis by focusing on cash flow, the 1% rule, and cap rates to ensure solid investment returns!