high cash flowing short term rental How did you find this deal and how did you negotiate it?

A knowledgeable attorney can advise here.Create a solid operating agreement: Since you own the condo with a friend, a clear operating agreement is essential to outline responsibilities, decision-making, and profit-sharing for the LLC.To save on costs:Look for real estate attorneys who specialize in investment properties and might offer package deals for the retitling, operating agreement, and filing the LLC.Shop around for title companies that can handle the transfer smoothly and provide competitive rates.Research DIY options for setting up the LLC if your situation is straightforward, though I’d still recommend a lawyer for the transfer process itself.Good luck with the process!

The combination that this niche offers first-class care to those that need it most and the potential for it to become profitable for many years to come definitely has me interested in learning more about opportunities investing in RAL.We are renting in our current assignment, but we will PCS in about a year and a half.

Freddie Mac only offers financing for single properties they do not offer 'Portfolio loans" meaning bundle them all into one loan.

-------------------------------------------------------------------------------------------------------Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

The risk of property damage or a lawsuit from a dog bite is too high. 

However, it was a blessing in disguise because I have learned what NOT to do and have worked hard at establishing what they offered on my own with my own VA's and it has been less expensive and more profitable.

For the price, the property has a lot to offer.

@Johnny Lynum we did offer them an aggressive cash for keys amount to get them out as soon as possible.

Most of my CFO clients that are in residential development are looking for IRRs (usually over a minimum 5-year period) in the high teens and the commercial developers are looking in the low to mid 20% range.