Quote from @Brittany Kelly: Quickest way to put single family home rental into LLC.

Investment Info:Small multi-family (2-4 units) buy & hold investment.

Investment Info:Single-family residence buy & hold investment.

Investment Info:Single-family residence fix & flip investment.

Or you could decide that you're going to hang in there for family/legacy reasons, and keep raising the rent whenever the market supports... and whenever you turn over a set of tenants.

My other advice is to make sure this is the best decision when balancing your family and finances.

The big issue is building a single small residential unit is the most expensive residential development.Here is a list of why adding a single ADU in single family zoned areas in my CA market is typically a poor RE investment:1) The value added by the ADU addition is often significantly less than the cost of adding the ADU.

Used enirely OPM to buy this one, and borrowed money from a family member who is in commercial real estate to do the renovation.

My exit strategy is to sell off my multi-family rentals and exchange them for single family homes in desirable neighborhoods.   

Investment Info:Single-family residence fix & flip investment.