And he misses out on all the benefits of it being owner occupied, like tax exemption from capital gains because he doesnt actually own the property.I bet he isnt properly insured on the property either, because if he insured the property in the llcs namr, the lender would have been notified of the change in coverage.

Your PM and / or contractor should be your best bet. 

I bet you could double or triple your cashflow (assuming an 8 Cap) and your appreciation, depreciation, and mortgage payoff will also be much, much higher.

@Uma Bapat permit requirements are town/city specific so your best bet is to call the city.

It would be very expensive if you take over the property and more than 2 units are vacant or non preforming Even after adjusting your vacancy and adding it $3k per unit, I bet you will still have a good deal.

In those cases, my wife just listed their house on the MLS, but i bet we could have made a case for a sandwich lease to those who didn't need their payout right away. 

This all about what grade are you willing to bet on ,B ,C homes?

=PHaha nah, best bet is to work with a local Realtor.

I think the above would still be your best bet minus the house hacking - IE: find a place that is best set up to produce income, but also has substantial opportunity for improvement.Just my 2 cents.

A good bet is to visit your local banks and see what types of products they have.