@Lorenzo Lopez It depends on the size that you're focusing on. 

  😉   Depending on the difficulty and expense, I was hoping to put that property under one of my other llc's.

@Mike Most this is one of the few times we disagree with @Adam Bartomeo:)It really depends on the specific market the property is in.

But that doesn't make most of them good, it just means they are spending more on marketing than the rest.So where to start: well that depends on what you want to do.  

Common utilities paid by the landlord will be similar if not the same; standard services (extermination, changing filters, snow removal, fire safety inspections etc.) will cost the same.Expenses will vary depending on the market.

The time it takes to process an application in 100% dependent on you, your processes, and your policies. 

Combining this with tours or small events can add extra income.Lease Mineral or Water Rights: Depending on the area, leasing mineral or water rights can be a potential income stream if there are valuable natural resources under the land.

However, depending on the Trust Company you work with, you might have more options with respect to the diversity of public and private market investments.

The best strategy depends on your goals, but here’s a breakdown:Selling outright would result in paying capital gains tax and depreciation recapture, but since the appreciation is minimal, the tax impact may be relatively low.Gifting the property to your son could potentially allow him to sell it with a lower tax rate, but since he hasn't used it as a primary residence, he won’t qualify for the exclusion of capital gains tax on a primary residence, and you'd need to account for gift tax implications.1031 exchange could defer taxes, but you would need to purchase a like-kind property of equal or greater value and meet all the IRS requirements.

Deduct NEW property taxes after you buyDeduct home insurance costsDeduct maintenance percentage, typically 10%Deduct vacancy+tenant nonperformance percentage(we recommend 5% for Class A, 10% Class B, 20% Class C, good luck with Class D)Deduct whatever dollar/percentage of cashflow you wantNow, what you have left over is the amount for debt service.Enter it into a mortgage calculator, with current interest rate for an investment property, to determine your maximum mortgage amount.Divide the mortgage amount by either 75% or 80%, depending on the required down payment percentage - this is your tentative price to offer.If the property needs repairs, you'll want to deduct 110%-120% of the estimated repairs from this amount.Be sure to also research the ARV and make sure it's 10-20% higher than your tentative purchase price.As long as the ARV checks out, this is the purchase price to offer.It is probably significantly below the asking price.