For saving a couple of hundred dollars a year we gain the "privilege" pay $1K-3K in general  deductible and $4K-6K in hail/wind deductible (and likely 80% of the cost of a new roof here in TX).

By offering them control over key areas of management, you're giving them the reins to drive profitability, while you focus on gaining invaluable experience and building your own capabilities.It's a win-win situation - they get reassurance about the property's profitability and you get the benefit of their experience to hone your skills.Keep pushing forward and best of luck on your journey!

You'll likely end up paying short-term capital gains taxes if you sell within a year, which can be pretty high since it's taxed like regular income.So, before diving in, make sure you have a solid plan for these scenarios.

@Irene Gustaitis It’s best to keep your LLC in Connecticut (CT) since the property is located there, simplifying legal and tax obligations.Even if you get an LLC in CA, you need to register an LLC in California (CA) and will have to pay the $800 annual franchise tax without gaining significant tax benefits.

I have a similar setup, but not for real estate, so it might not be 100% relevant.1) My partner and I set up a Partnership (ill tell you why next).  2) Then each of us set up S-Corporations, which is also owned by our wive's (could be owned by a trust for further protection, but I haven't).The reason we did a Partnership is for two reasons 1) You don't have to abide by the ownership % for your distributions (mostly), and 2) it can be owned by another corporation (S-corp can't).Again, this isn't for real estate, and could change because it's passive versus active income, but with our personal S-Corps, we can set up different strategies that i won't get into here.Feel free to reach out and I can introduce you to him.  

Learn how to buy properties to flip or even buy and hold on paper to gain some expertise. 

I am in the process of gaining expertise in land wholesaling and I am seeking to establish connections with builders, real estate agents, and investors who are acquiring off-market properties.

A solid agent will understand that there is a financial gain, but this is a relationship, so if it isn't the right deal, they can be honest with you and you are more likely to use them again and refer.

Maybe give you a gift of some of the additional gain.

@Brandon Bruckman, I heard back from my CPA and she confirmed that I can pull up to my basis out of the REIT by selling REIT shares/units without incurring any capital gains taxes since it is considered a return of capital (ROC).