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!

The new facility, dubbed "Arsenal 1," will encompass 5 million square feet and is expected to start manufacturing operations by July 2026.

My core investing philosophy is pretty simple, and has done very well across almost two decades and numerous cities:1) Invest in cities with population (and job) growth2) Invest in parts of the city where household income is near the median (or slightly below)3) Invest in properties that provide cash flow from day 1 Thank you for sharing that. 

So your 35% operating expenses makes sense and seem plenty conservative to me.  

I would say if you're looking to invest, the first thing I would do is to build your CORE 4 which consists of having a great realtor, contractor, property manager, and attorney in whatever areas you decide to invest in.

If you are a STR operator how do you deal with remitting and paying tax?

Cash Investment Report: 4-Plex Investment in Huntsville, ALInvestment Overview Property Type: 4-Plex Purchase Price: $450,000 Gross Monthly Rent: $900 per unit ($3,600 total) Annual Gross Income: $43,200Operating Expenses Property Taxes: $4,500 annually Insurance Costs: $2,000 annually Property Management: 10% of gross rent = $4,320 annually Miscellaneous Expenses: $25 per unit per month = $1,200 annually CapEx Reserve: 10% of gross rent = $4,320 annually Total Annual Operating Expenses (Excluding Rehab):$4,500 + $2,000 + $4,320 + $1,200 + $4,320 = $16,340Net Operating Income (NOI) NOI Calculation:$43,200 (Annual Gross Income) - $16,340 (Operating Expenses) = $26,860Cap Rate Cap Rate Formula:✓ 
Cap Rate = ($26,860 / $450,000) × 100 = 5.97%One-Time Investment Costs Rehab Costs: $10,000 (one-time upfront investment) Total Cash Required (Excluding Financing): $460,000Investment EvaluationStrengths: Competitive Cap Rate: 5.97% aligns with national averages and reflects a stable investment in a growing market.

Still looking to build my core four to hit the ground running in this promising market!

Commercial Revenue Generating properties like office buildings, apartment buildings, retail centers, etc (banks call it "CRE" lending) are typically evaluated from their net operating income, not gross.

The buyers I resonated with, who I believed in as operators–those were the people I was willing to be flexible with.