Real estate is not my of my knowledge base at all but I want to start working on building passive income now (I’m 44). 

. $360k equity (based on your estimated loan balance and estimated transaction costs if you sold, this is not calculating capital gains taxes but that would reduce your equity down to about $310k if you sold without doing a 1031 exchange). $8k cash flow (this will increase over time because you are in an appreciation market). $6k principal pay down (based on your current loan). $20k appreciation (based on 3% which is conservative, 4-5% is the historical average).

DM me so I don't lose you, we are not based there (CO-based until probably 2033)

For example, an algorithm can't compare a property that charges a flat fee for utilities vs one that charges based on use. 

Based on my reading and understanding I'd like to form my LLC in Wyoming. 

Typically, the tax is based on the assessed fair market value of the property at the time of the transfer, even if it’s not a traditional sale.

Most lending is based on cashflow, not the 2% rule (although still a good rule of thumb for some types of investments), might have the most help from the group if you provided some of those details here just so it'd be easier for us to help you best. 

I'm based in the Boise area so we're a little far apart.

There is a house at a foreclosure auction that has a subordinate security agreement based on the national stabalization program NSP through NACA.

Based on the data I saw from ABOR the median price YoY (2023 to 2024) was slightly up (around 2%) and the rent was flat to slightly down.