I recommend reviewing your local laws to understand the requirements involved.

what markets do you recommend to look at? 

@Andrew Slezak I recommend you first articulate precisely the liability events or concern which are pushing you to transfer the property to an LLC.

We completed our taxes and got the K-1s out at the beginning of March before the lockdowns started.As far as bad news, best practice is to communicate it along with what you're going to do to minimize or mitigate the impact as much as possible.

I would recommend at least $300-$400/month in cash flow after expenses to make this potentially worthwhile on a SFH.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

What legal actions are recommended here?

A good tax accountant can save you thousands of dollars by leveraging entity selection and formation, tax deductions, cost segregations, bonus depreciation and tax planning.I recommend finding an accountant who specializes in business taxation, financial planning and tax planning.I would also recommend looking for a accountant willing to work with you throughout the year.

Next Mortgage Note will include full loss of interest on the investment property for the GCDid you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

The extra income is not worth the disruption to our neighbors.Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?