Also during the ownership you can increase the value by improving the property and getting your feet wet.

With it being a central location with easy access to downtown/airport/UofL, it's supportable.

@Nick Kellar,Just looking at the work you did, looks like the improvements will be added to the basis of the property rather than the deducting it this year. 

I’m new to this at thought LLC is good for tax purposes.I’ve done a lot of home improvement and been writing checks with the LLC  account.I was just told that I should not have the rental payable to LLC since it’s my primary residence.Could some one give a quick crash course on top Do’s and Don’ts with LLC?

I realize that the number of leads will be slim, but they're free and easy to access, so I do want to continue using CL and driving for dollars.

Cons: It can take longer to find a suitable tenant, there tends to be less appreciation (unless a neighborhood is improved which would in turn likely improve the grade of the neighborhood), and C-class tends to have more issues like litter, vandalism,  and crime than higher-grade areas.

House hacking, in a B-/C+ area that still has access to easy public transit into the city.

It will also limit your access to financing and may increase some other administrative chores.Using LLC is an excellent tool for asset protection.

Process looks good with the lender, however they are asking us this:o Did you make substantial improvements to the property and if so what were the improvements and do you have a builder contract or invoices to document cost?

I want access to the MLS.