The apartment is owned by family and I wouldn’t be tied down to a lease.

Plus when the lease is up they tend to move to another updated apt.  

Is it overkill as I would not be dealing with leases, work orders, etc?

Hi Ricky,Being in operation for 10 years with mid seven figures of assets and NNN leases,it would be wise to speak with your tax advisor regarding if the tax set up should be an LLC, an S-Corp  or a C-Corp.It would also be wise to speak with an asset protection attorney to find out if this is something that might be beneficial to you in that area.

That said, I do this with a a few investors on rentals since I'm a Realtor and Property Manager where I am boots on the ground for purchase, rehab and lease-up, however we had a strong professional experience/life together before partnering.Lending will also be a consideration as most lenders are hesitant to lend to non-citizens given the foreclosure challenges it can pose.

In theory, you could QT the property to an LLC in your name and enter into a lease with you personally.

Congrats - have you completed the deal yet (4 leases in place, STRS up and running)? 

This includes preparing the property for renters, pricing it right, marketing, application screening, collecting rent, dealing with unpaid rent and other lease violations, security deposit disposition, inspections, and so much more.

Live in one side and renovate that side, then after the lease for the other unit is up move into that one and renovate it.

With this route you can purchase a turn key property and expect to lease the property immediately or purchase an existing rental from an investor that doesn't require rehab and has strong numbers.