If you are sole member LLC you just take a distribution from your business account to your personal account.You are likely already reporting the income on a schedule E.

Jimmy,You need to show (2) years of 1099 SE income in order to use FHA, or traditional financing to get approved for a mortgage.

Typically 75% of rental income can be applied towards your DTI for qualification. 

Because of my savings and lack of expenses, I'm in a very comfortable position to make my first move, but because my income is mid, I'm unable to meet the Debt-to-Income requirements to qualify.

Quote from @Robert Zajac: 15% markup on maintenance is one of the highest I've heard of.

2) Maintenance Reserves: So many factors here to consider!

There will likely be a partnership return required where you flipped a house with a partner and lost $120,000.If you sold the other property within the same partnership, it will also be reported on that partnership return.The net result to you is that you will receive a K-1 showing your income / loss which you then use to report on your individual return.If you made no money within the same year, you likely pay no additional taxes / get no additional refund.Best of luck.

3) Average income was up 4.5% in 2024.

So, when Trump changes to no tax on tips I feel inclined to change my rental income structure.50% reduction in rent.Previous 50% made up from a mandatory nontaxable tip. 

If your goal is passive income, it's not going to be in New Jersey when you factor in cost to purchase, management costs, and rent to price ratio, but what you can get is steady appreciation.