Life long Yorba Linda resident, because of the school system and safety Yorba Linda homes tend to rent out quickly.

Hi there from another Pittsburgher,Yes you'll want to get an appraisal done now, specifically so you can figure out what your stepped up basis is and then that way your brothers and you know you all got a fair deal.Second, take a good look at what you need to do to rent it versus what you would like to do. 

If the roof’s age is unclear, it might need replacing soon.Electrical systems can be tricky in older properties.

This can help you cover your mortgage while you build equity and gain more experience managing multiple tenants and building out better systems and processes if you do decide you want to pursue larger properties. 

Is there any place within the unit where you could add a through-the-wall A/C unit such as a ductless system or a window unit in a wall sleeve? 

@Gabriella Pellolio I can’t speak to the strategy with LLCs, you should probably talk to a CPA but I think generally they would recommend that you have a separate LLC for your interior design business versus your real estate investments.

The definition of qualified property under Section 179 was expanded in 2017 under TCJA to include the following real property improvements to nonresidential buildings: Roofing Fire protection and alarm systems Security systems HVAC systems So you can expense roofing under Section 179 as long as it is an improvement to a commercial property and meets the Section 179 criteria. 

Use a reliable customer relationship management (CRM) system to manage and organize your investor data.

It takes a lot of time to get systems and processes in place.

I have an excellent credit score of over 800 and am looking for advice on what mortgage rates I should expect for a 25-year or 30-year loan.Additionally, I'd appreciate any insights on the benefits of opting for a commercial loan versus a personal loan for this type of property.Thanks in advance for your help!