Selling your share at fair market value could avoid gift tax but may trigger capital gains tax for you based on the sale price and your cost basis.In California, the transfer may also trigger a property tax reassessment under Proposition 13 unless a specific exemption applies.

Quote from @Dana Yobst: Quote from @Julio Gonzalez: @Dana Yobst While it may seem like a simple concept, it's actually a very complex process that requires significant documentation as well as specific methodologies.

In many cases bigger banks or lenders have specific programs that cater to first time home buyers and investors. 

Does anyone have any advise on the area or some good resources?

I would have advised you against an LLC, most likely, contingent on your attorney's legal protection concerns.This is assuming that by "we" you meant your spouse.

If a person has to ask, at all, I STRONGLY advise to use a PM service for tenant placement. 

If there's any specific concerns I could address I would be happy to. 

Baselane is a banking and bookkeeping platform that was built specifically for real estate investors.

In most of Raleigh city limits specifically, the lack of room to build new construction developments has stirred the folks in zoning.

If you have specific questions about property management, I'll be happy to help!