Far more costly to transfer property at a later point than simply purchase in an LLC on day one.

At least most cell carriers will auto-block them. 

@Jessica Privitera welcome to the forumns, sounds like you will have a lot of value to add here and help others along their own journey.What was the driver behind the move from NY to TN?

My wife and I have a portfolio of senior living homes and communities.

One thing to take into consideration would be the overhead costs of being a cross-border investor, such as entity setup, property management, higher lending rates and tax filing should you choose to have a CPA.

Does the property already have a decently sized master bedroom and master bathroom?

Quote from @Clayton Silva: Quote from @Jeffrey Blackman: Quote from @Clayton Silva: 2nd position HELOCS on investment properties are typically capped at 70% LTV and have rates ranging from 9-11% just a heads up unless you use a local credit union where you have cash on deposit with them. 

The same as any refinance, the 1st position debt (subto loan) will be paid off at closing. 

The right agent will provide a pro forma breakdown on every property they look at, have repair costs estimated, CapEx, etc...

That's how I started and I have helped a few others start that way.