Getting an LLC in place from the start can provide peace of mind and give you a chance to familiarize yourself with the process before expanding your portfolio.

It is supposed to be tenant is responsible for utilities.

Seller (also the agent) purchased it in Jan 2023 for $730,000.

It is an appreciation play right now.

It is my understanding that the new owner will have the house at the cost basis of my purchase price, for calculating capital gains taxes or depreciation.For gift tax purposes for you - FMV.For capital gain tax purposes for the recipient - your original basis/purchase price 

I recommend you do it yourself, @Helene Zernik.

Of course don't go there just looking for business, you go because you believe in whatever the group is doing. 

I just bought it in the fall and am trying to complete a bunch of modifications during off-season (e.g. metal roof, certain safety features, treating the deck, possibly updating the fire pit area, etc). 

If you do this, make sure you have clear intentions and written terms each party agrees to.  

Combine that with America’s housing shortage, and the solution becomes clear:We need to build more homes that align with what buyers can afford.