I can't speak to the condo conversion process in your municipality this is something to weigh as well.

My main goals with these initial projects are:1.Gaining valuable insights into the local market.2.Getting hands-on experience with out-of-state investing, particularly when it comes to remodels and managing from afar.3.Testing the entire BRRRR process to see if it’s the right strategy for me long-term.If all goes well, I’d love to scale up and explore multi-family projects.

My wife and I have one rental unit and are trying to move toward our next property, but still are trying to learn more and find additional ways to make some side income to speed the process.

I was thinking of starting a rent increase for my 1 bedroom tenant voucher due it being low and well under fair market value(Based on  hud and zip code) but my tenant is in the process of having a caretaker for her disability and getting approved for a two bedroom voucher.

Start the eviction process.

We are proceeding via the appropriate process in order to address Mr.

It can be a long process over time with multiple dynamics you have to be on top of consistently.

This allows you to report the rental income and expenses directly on Schedule E of your joint tax return, simplifying your tax filing process.

If you are taking out a conventional mortgage of any kind, you can't buy in the LLC as it does not have two years of tax returns.You are also asking if an entire state is good to buy multifamily, which means you are too soon in the process to even talk about buying.

If you plan on going the hard money route, most lenders will require an experienced, licensed GC to complete the rehab portion.Do you have the option to bring on an experienced partner for your first that can show you the ropes?