That said, make sure you're accounting for all expenses, like maintenance, vacancies, and property management, to ensure the cash flow is reliable.

(Then we’d just start a commune, I guess.)The Setup: Living My Best (Small) LifeI bought a 2BD/1BA home with a private efficiency studio.

Naturally, I assumed REI’s "white-glove" service included a strong legal team to handle these situations efficiently.

I want to work on being able to delegate more efficiently.

Not to say you cannot find a deal in many of those states but for a first time investor wanting to be cost efficient it makes little sense to stick to those states.You do have states like Indiana, Ohio, Tenn, Florida, Georgia, Texas that offer higher inventory of home prices even 2-4 unit multifamily that are under $200K.

Since you are married and live in a community property state, the IRS treats your joint ownership as a single owner for tax purposes, meaning you can answer "No" and proceed with disregarded entity classification.If you want to eliminate confusion going forward, you could dissolve the current LLC and set up a new single-member LLC under one spouse’s name, ensuring automatic disregarded entity treatment without needing to file Form 1065 in the future.

Because I'm not an accountant or versed in tax code and law wouldn't I want a CPA to ensure everything is legally tight and as advantageous as it can be? 

You and your legal, tax and financial advisors should review this transaction in greater detail, especially the PLRs, to ensure you understand the significant risks involved and are structuring the transaction as close as possible to the PLRs to mitigate some of the risks.

If this isn't required, then most likely having the GC sign a completion guarantee to ensure the project gets finished and lender is not stuck with a partially complete asset is the case. 

This method offers greater efficiency, ease of use, and reliability.