A knowledgeable attorney can advise here.Create a solid operating agreement: Since you own the condo with a friend, a clear operating agreement is essential to outline responsibilities, decision-making, and profit-sharing for the LLC.To save on costs:Look for real estate attorneys who specialize in investment properties and might offer package deals for the retitling, operating agreement, and filing the LLC.Shop around for title companies that can handle the transfer smoothly and provide competitive rates.Research DIY options for setting up the LLC if your situation is straightforward, though I’d still recommend a lawyer for the transfer process itself.Good luck with the process!

Do you best to not file insurance claims.

I doubt 10% of the GRM will equal enough to where an S filing status makes sense.The home office and such is nominal so that alone isn’t worth doing this.

File an eviction with the court and provide the proper notices (e.g., 10-day notice to pay or vacate for nonpayment of rent).

Maybe all of the investors should file a complaint with the Florida Attorney General - https://www.myfloridalegal.com/consumer-protection/consumer-...

I also heard horrible stories that if you don't file it right, it will take months to evict a tenant, etc.

My “reasoning” is based on two points1- the current system of property records filing in a million different jurisdictions with expensive title searches necessary for almost every title transfer and mistakes still being made can be made much less expensive, much faster, and much more reliable through migration to some sort of “blockchain” National registry.2- Numerous investments have been divided into, and offered as tranches of the whole.  

I have filed for eviction on one tenant that I have placed in my career, and I was able to negotiate him out long before the court date. 99% of the time, eviction should not be a driver for whether you invest. 

I think I have a generic contract and assignment in my files.

If you were able to increase the value of the property significantly after the rehab, then you could bring the deal to a community bank  to refinance and take the hard money lender out.You keep all the equity and don’t have to file a partnership return for your annual tax return, which can be costly.