If you ever plan on doing this later in your days, you could always do a management company and just expand on that, but I can tell you from my own perspective  that LLC – S and being W2 employee under that may limit some of your lending aspects, but it protects you around the world anywhere you go further if it comes to it, you can bankrupt your company, sell the assets and open another company the same way and you’re still protected through and through. as my wife is a high earner, it really protects her from civil suits and other things like that or anybody that ever comes to maliciously take what is yours.

Typically the suit amount is based on damages to the plaintiff, not the assets of the defendant.You can also note, typically no lawyer wants to wait for an LLC to liquidate to get paid. 

I don’t know exactly how I want to invest in real estate, but hopefully I will be able to figure out what suits me and my situation

Sometimes they get away with it, sometimes not.I think building a whole suite in the basement will be much more noticeable than just a bedroom and they will probably call you on it if it is not permitted.

Some counties in Virginia loves them because they have little employment so no big population increase = more burden on schools and the tax basis is very high because of the personal property inside of them so they pay a lot in taxesAs you mention need to be near a power source and I spent 5 years trying to get one approved in 30 acre parcel that the county wanted the site for something else - so they can be challengingTo get zoning approved they are really perfectly suited for Rural WA and OR along the Columbia River with all the hydro right there.. and they have built some over the last 20 years..

The county has no zoning board, there’s no HOA, and the original developer, who was the enforcer, is no longer residing in the state….so my understanding is the only enforcer would be a disgruntled neighbor that filed a civil suit.

The property features two 1,400 sq ft suites on the main level (one currently leased) and over 3,000 sq ft on the upper level, with 750 sq ft already occupied, 3 small office spaces (+/- 250 sq ft each), and a basement tenant with 1,400 sq ft of storage space.The building generates $6,000 in monthly gross income from its five tenants, but with full occupancy and market-rate rents, it has the potential to bring in $10,000+ per month.Given its historical significance, stunning architectural details, and location, I’m curious about your opinion: Would this property be more marketable for sale with or without the current tenants?

A DSCR Loan will suit you just fine! 

I’m moving to Kennewick later this year and want to connect with local investors and discuss strategies that are best suited for the area.

STR is best suited at the moment for more of your higher end properties 750k+ from what we've seen in the market unless you get a unicorn deal.