Since you're using a GC, make sure they are properly covered.

The main thing is making sure your investments produce a return that outweighs the cost of the borrowed money.A full cash-out refinance could work down the line, but with rates where they are, you’d be trading a 6.25% ARM for something likely higher, now that it is not an owner-occupied property, which may not be worth it unless you really need the capital to scale.

If entities are disregarded, you can keep up with more than 1 in a single QBO account using the location/business feature to keep track of them separately.

The only thing about it is that the property hasn’t been very well taken care of, so we know there’s a lot of work to do to fix it.

We are wanting to buy out the kids for their half, take some cash out, and then use it as a rental property.  

I don't think that agents realize that they lose all credibility putting a post out there like this.

Any tips or advice? 

While it seems like there are some better priced deals lately, you may have to be prepared to put down 30-40% down.I'd say due to the lack of homes for sale, you should be open to many if not most cities depending on the deal that comes up. 

You need to meet one of them to be considered materially participating.Spend more than 500 hours on your rental businessDo substantially everything for the rental businessSpend more than 100 hours on the activity and no one other individual spends more time than you doSignificant participation activity for more than 100 hours, and your combined activity in all significant participation activities exceeds 500 hoursParticipating in the business for five of the 10 previous taxable yearsPersonal service activity (non income-producing) for three of the previous taxable yearsRegular, continuous, provable participation in the business for more than 100 hoursThe first three are the ones the majority of real estate investors will evaluate and attempt to qualify for.

Would love any advice or insights.