From there, you can better estimate the end numbers and work back to figure out the GP/LP  equity needed and the estimated returns.

The home is a 3/2 in a great neighborhood next to the community pool, park, and playground and located just south of beltway and and I45.We are new to the midterm strategy and trying to figure out what the demand is and the pricing. 

And one of my tenants can’t figure it out the pay rent feature. 😂 

I own a 7-figure rental portfolio here myself.

It may not be worth using an LLC on your first one.As for the calculations, just put the numbers in a spreadsheet and figure out which option costs you more.

All the partners must agree to make the choice, and the partners must be able to figure their own taxable income without figuring the partnership's income.  

The real estate investing industry uses "Classes" to rank property performance risk, but there's NO agreed upon industry model:(Here's what we use for our Metro Detroit market:Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

I know you said you don’t expect anything major on the properties soon, but I would take a careful look at what is most likely to need to be replaced soon and figure out how you would pay for that if it needed to be done tomorrow.

Keep in mind rents also went up and opportunities to refinance were also available - elevating that figure. 

I figured I would try rentRedi just for that part of it.