It is also easier to gift percentages of LLC interest to children without going over the annual gift tax exclusion, but that is for estate purposes.

If I can't put the lien in my name, can I use my adult child's?

Even as a well seasoned adult, they freak out if I mention million dollar properties, lol.You will do very, very well and I think many of us reading your post are jealous we waited so long to get started.This is a great community so take the time to read though the forums as they hold a wealth of FREE information.

Once you convert your property to a primary residence you fall under Section 121 (the 121 exclusion), which excludes only capital gains and not depreciation recapture.

Any adult that will occupy your unit should complete an application and be fully screened.

To NET $1million/year exclusively from rentals will probably take a lot longer.

We used interactive options like text the number 1 to join the exclusive V.I.P.

I'll lay it all out there in the hope that some folks might have some useful insights or advice.I've been an "amateur" investor for most of my adult life, typically only having one or two rentals, with one unit being part of a duplex that I resided in.

A quick tool that might help - Rentometer.com Don't count on it exclusively but it will give you a quick snapshot.

If another adult occupant moves in, you'll want to qualify them, screen them, and then put them on the lease, this, is a no-brainer.