Don't set up an LLC at all. 

Get an estimate from a GC to get a good idea of what is required.Market Comparables: Check what similar-sized homes with finished basements or additional bedrooms are appraising for in your area.

This just covers the basics: how many people, do they have pets, what is their timeline for moving?

3: Does the property fit with your current investing goals? 

Then you can self-manage and learn all about tenants, contractors, etc. 

With a manageable purchase price and the opportunity for high-impact renovations, it fit perfectly within our investment strategy, promising a solid return.

.: Quote from @Alan Asriants: Hey Carlos, all depends on your lot size, what kind of unit you can build there and the rental return you can get. 

I also did one of their 1% deals in St Pete for 100K.

Any particular reason you've chosen this market from all the way in San Diego? 

Not all, but most.