Make sure to document everything and handle the transition smoothly, allowing the responsible tenant time to decide if they want to take on the lease alone.

Then you have to take responsibility for maintenance.You can rent a comparable home for $3,000 and the landlord handles maintenance.It makes sense to rent for a year or more until prices balance and you can save $1,000 a month towards a down payment in the future.

However, these situations can be complicated, and it's to your benefit to have a realtor on your side (if you don't already) to help you negotiate and stay within the law.Your post was pretty general, which I appreciate, but I don't know if I handled all of the concerns someone in your shoes would have.

I am a general contractor who handles both residential and commercial remodeling. 

I started with an afternoon every other week, which was changed to an afternoon every week.So I put issues into 3 buckets: emergency (a pipe is leaking), within 24 hours (toilet running), and non-pressing (a door is not closing on its own), which is where most things landed and are handled that way.

I assume so but would love some opinions on how you handle this! 

It automatically handles all the initial calculations for listings within 50 miles and updates daily.I'd love to hear your thoughts and any suggestions you might have.

For two reasons I could drive to the property anytime and handle whatever myself - I did not have a team in place to do what was needed to make the investment Successful and the second reason was control. 

If a legal issue arises with Property 1, only that property’s assets would be at risk, protecting the equity in Property 2 and any other properties you may own.Asset Isolation: Isolating each property in its own LLC helps protect your assets from creditors or lawsuits targeting a specific property, thereby providing a more robust legal shield.Financial Management and Bookkeeping:Regarding your concern about financial management and the practicality of handling multiple LLCs:Centralized Banking: Using a holding company’s business account and credit card can simplify your bookkeeping.

Hired a lawyer to handle it.