Setting up an LLC could be an option down the road if you expand your investments, but for now, it might be simpler to report it as personal income.

He's local to Baltimore and will be able to give you the best options you can currenly get.

This is a post-closing penalty charged by the Escrow Administrator to extend the renovation period beyond the maximum renovation term of 180 days in the event renovation is not completed within agreed upon terms.Other Important Items to know about FHA Renovation LoansA FHA option to roll renovation/repair work into the loan.

I have been working in the real estate industry since 2010 and have specialized in working with investors here in Florida for a number of years...you are absolutely right, it is typically VERY difficult to find decent small multifamily properties here.

Should we consider moving the panel into their unit or are there any other options?

Although this is technically inaccurate (I saw a case where a sheriff sale of this sort was challenged and the challenge lawsuit took 11 months, deed recording came after that), that is the typical practical waiting period to get the title insurance for the resale.Whatever the mortgage balance, that’s now your obligation to get paid off; before even bidding on any sheriff sale property you should have a good idea of any remaining mortgage balance(s).

The additional option would be to get that small multifamily and then build an ADU on it for maximizing cashflow. 

Quote from @Jordan Regier: Adding a garage is inexpensive and it provides you with a lot of options.

When you form the relationship with a broker that you've done several deals with, they can often get more exceptions done for you or be more flexible with their terms and or the options that they can find for you.

There are good and bad options for all service providers and All service providers require oversight and management.For the most part with each of these services, you have the choice of whether or not to outsource the job or do it yourself.