Rental homes - especially paid for ones - are a good retirement supplement, or even plan if you have enough of them to offset vacancies & expenses.

It’s not easy to look past the skeptics, but your approach clearly paid off.As a Direct lender, I appreciate seeing how you creatively structured the deal with owner financing for the purchase and private money for the rehab.

One thing that I REALLY hate is that most of this Lawyers have great structures and setups...but very expensive packages that include entities that are not necessary.More info tomorrow.  

@Michelle Hardy recommend you compare projections for:1) Current rent-by-room2) LTR2) MTR4) STRRank them by revenue, expenses and how much time each will require from YOU.Find the balance that works for you!

Generally - the depreciation on the structure, mortgage interest, property taxes, repairs & maintenance, insurance, property manager, utilities, vehicle expenses (mileage), professional fees (reports/CPA), home office (office supplies, percentage of utilities, continuing education).

Keep receipts for all your expenses for federal taxes, keep the deposits in a seperate bank account. 

That being said it seems you are in the prime position to remove the largest variable expense from your equation. 

Re-titling real estate can get expensive with the misc. transactional fees associated with the process + you are at risk of the lender triggering the due on sale clause if you don't plan on refinancing the real estate.

So many "investors" bury themselves in complex, expensive situations to protect themselves from some unknown threat to their non-existent business.Figure out if you have any shooting skills (or even enjoy the game) before spending money on $600 Nikes or an indoor basketball court. 

Quote from @Calvin Thomas: Isn't electric a lot more expensive?