Then you own the LLC and can transfer the property into it.If you transfer the property into that LLC the way it is then technically you just gave your friend ownership of the house proportional to his ownership of the LLC.I'm not an attorney, so take that with a grain of salt.

You still claim the income as miscellaneous income and deduct property taxes and mortgage interest (subject to SALT and other high mortgage limitations) on your Schedule A, but that's it.2. 

Hey I am an agent in Salt Lake, if you haven't already run comps feel free to reach out and I can send them over to you.

You could reach out to a few Property Managers in Salt Lake City to see if any of them would be able to give you advice for the area, as they would be familiar with the region and what to expect from the investment! 

A few months after purchasing the condo I found a property about an hour outside Salt Lake City.

I had a client use one for their house hack in salt lake city area and it worked out well!

I have no facts so take my opinion with a grain of salt.

The fact is that these laws exist in many places, including Salt Lake City, Utah; Logan, Utah; Hartford, Connecticut; and Newark, New Jersey.

@Vidit Maini, I'm not a structural engineer, so take everything I say with a grain of salt.

Their pro formas felt optimistic with providing 6% annual appreciation and property management that is only about 6% of rent so I take it with a grain of salt (they offer their own property management services but it has terrible reviews on Yelp so I would probably go with someone else).