Hi Morgan -It sounds like a DSCR portfolio loan might be a good fit for this scenario, given the rental income and the potential for self-management.

Sounds like someone with a W2 in engineering with a 401k a paid off primary and 1-2 rental houses nearby.

Quote from @Gaya Ben Simon: transforming a room into master bedroom , utilize basement space to add sqft , fixtures , open space concept ( tare down drywalls to make open space - kitchen - living room - dining room That sounds like a fantastic transformation! 

The last time I saw a structure like this, it ended up being a scam from a very well known real estate mogul...Be careful, if it sounds to be good to be true, it probably is...Cheers!

I agree with you that twice the amount sounds a little high (unless you are in a high demand/low supply area). 

Especially as it’s my first purchase and I don’t want to make any school boy mistakes.let me know if the above sounds common and reasonable 

Hi Ryan,It sounds like you're in a great position with your rental property, especially with both positive cash flow and significant appreciation over the years.

It sounds like you're ahead of the game here because you're focusing on your local market, which certainly makes things much easier. 

Sounds to me like you said the appliances were in good working order! 

@Anthony PriloIt sounds like you are trying to transfer a personal property into an LLC since you are now making it into a rental property.When I did this, the real goal was to transfer ownership to the LLC but maintain the current (low-interest) loan.