I am thinking about what strategy to use in the future.

Personalities and business practices vary widely.Lesson 3: Be willing to pivot to avoid potential future concerns, and know that a small win, or breaking even is better than a total loss.Lesson 4: Commercial loan process was great to learn and now I have built a relationship with a commercial lender.

However, if your father inherits and later transfers the home, it should qualify for a step-up in basis to fair market value, reducing future tax liability.If the goal is to tap into equity, having the trust take out a HELOC may be a better option, avoiding California Prop 19 reassessment, which could raise property taxes significantly.

In general, no one knows the future, whether to keep a real estate or sell.

Also think we'd add Umbrella policy instead of LLC for this single rental home situation, and use an LLC for our future investments at the new state.Any thoughts, tips, lessons learned or recommendations on this plan?

I am looking to buy my first investment property and have seen strong fundamentals in Indianapolis (job growth, population and median wage).As an out of state investor, I am looking to connect with investors/agents in the area to build further knowledge on specifics with the markets and hopefully bring business to in the future!

There are meet ups all over the country; i'd recommend a google search of your area to see what pops up. i'd also suggest joining local facebook groups for your area / surrounding areas and ask there.I tend to agree with Stuart here; your first deal should be your own capital here and serve as a proof of concept you can use as an example in moving forward to try and garner money from investors for future deals.Other than bringing a deal to an experienced investor it's unlikely they will want to give capital to someone who hasn't pulled the trigger before.

If not, I have a lot of local knowledge and the typical trends of many of the Atlanta suburbs.

You are buying into a business to pass down to future generations, not to mention a vacation home or retirement plan.When I talk about my investments I don’t talk about a 4 unit ugly building in (insert boring/cheap state in the US).I talk about Europe!

I don’t want to be severely limited in my future rent options if this is now only a coffee shop unless I spend a lot of money undoing what she did.