Don’t forget. 2024 rent cap was 8.9% so you may never get “market rent”.

Hi Nate, I'm new to "Bigger Pockets" and new to the  real estate market.

If you own them free and clear you will likely only pay for title and transfer tax on the market value of the property if you want them to be under LLC. 

Not a big fan of LTR furnished units, the additional wear and tear isnt worth it in my market and of course smoke smell can be hard to get out. 

I'd recommend looking at costs. your build cost is going to be well over other homes because of the fixed costs like slab, Hvac, roof, etc. check the market drivers and weight the benefits of short term versus long term. long term is no furniture and help pays mortgage but at this size it doesn't really cover everything. we didn't find a lot of economies of scale in single family detached. can you build more than one unit?

There are plenty of older homes on the market that do not have closets.You need 2 egresses (including 1 that goes outside) such as a door or window, size about 70sqft (local codes may differ), ceilings at least 7ft high, and it cannot be a walk-through passage.As always, your local codes may be different.

Raising money is all about marketing and sales (not real estate specific) so either hire marketing agency and read sales books, or hop on some LinkedIn courses on marketing and sales.Not sure the legal structure to use: talk to accountants and attorneys.Need deal flow: talk to brokers and go to a lot of networking events.Lending terms: start calling banks and loan brokers.From there, it is all risk mitigation. 

I'm happy to share my experience with this market if you'd like to message me to set-up a call. 

What makes something a "deal" today is not yester-markets.

It's not RTR's fault the property can't absorb proper cap ex, that's a product of the market.