Then you own the LLC and can transfer the property into it.If you transfer the property into that LLC the way it is then technically you just gave your friend ownership of the house proportional to his ownership of the LLC.I'm not an attorney, so take that with a grain of salt.

This means that your permanent residence is excluded (except if you are doing a house hack in which the part that is rented out is eligible for cost segregation).

@Joe Villeneuve around 300K of equity in the houseSell the house, take the equity, spend it or use it on your next house where you are moving to. 

I have concepts that I hope to expand on, strategies that stick out to me when reading and podcast so far are buy and hold properties, the BRRRR method, and house hacking.

Based on your current assumptions, you would be paying $1,229 per month out of pocket, leading to negative cash flow.If you’re house hacking and living in the property, it might still make sense because you're paying for housing anyway.

The house is worth at “quick sale” about $360,000.  

You've probably seen some of these before - basically, it's a visual representation of all of the materials that you'll be using for each room inside of the house.

I was able to get a private loan which I used to purchase the house then I used my own money to rehab the house.

It's the concept of buying the debt attached to the mortgage rather than buying the house. 

That alone was the biggest improvement for my business practices and allowed me to take all of my bookkeeping in-house and eliminate the expense I was shelling out for a bookkeeper.