Question 2: if homes upside down on mortgage what are my options?

Please send me a message and I'll provide a few options. 

They won't always be upfront about this with you but if know they're selling because they want to retire, that opens you up to different options vs if they're an investor just selling for profit.

Shared housing provides affordable, flexible rental options for young professionals, remote workers, and students.As shown above, co-living properties have more demand than traditional two-bedroom units and appeal to a wider tenant base.2.

After 45 + years as a real estate investor, broker, lender, fund manager and syndicator, I’ve become aware that the “dream” of many investors and investor “hopefuls” is to be able to generate enough cash flow to live off their real estate holdings and accumulate enough wealth to make “work” optional.

You can try to attend virtual events, many real estate meetups and events offer virtual options.

With my $1,100 monthly revenue, my 700 FICO, and my (likely) $55,000 in equity - what kind of options would I have to refi.?  

Off-market deals are key if you go this route, so networking is huge.Out-of-state investing is another option people love, especially in markets like PA (Philly, Scranton) or even down south where prices are lower, and the landlord-tenant laws are more forgiving.

Is spending thousands on a sprinkler system worth it or do I have other options? 

A knowledgeable attorney can advise here.Create a solid operating agreement: Since you own the condo with a friend, a clear operating agreement is essential to outline responsibilities, decision-making, and profit-sharing for the LLC.To save on costs:Look for real estate attorneys who specialize in investment properties and might offer package deals for the retitling, operating agreement, and filing the LLC.Shop around for title companies that can handle the transfer smoothly and provide competitive rates.Research DIY options for setting up the LLC if your situation is straightforward, though I’d still recommend a lawyer for the transfer process itself.Good luck with the process!