Hey Becky,When you sell the property, the LLC will still technically own the property until it is formally restructured, so you will need to amend the LLC’s operating agreement and update its ownership structure to reflect the change, ensuring the absent partner’s interests are properly dissolved, and taxes are handled accordingly.

I’m fully prepared that there may be unforeseen costs, but I can’t even estimate properly for your standard cosmetic rehab… have you walked through the property?

They can ensure it’s done properly and provide advice on your specific situation.

Short answer to your questions is if you have a properly set up LLC then all transactions (lease agreements, invoices, etc) are under the entity name.

Avoid rushing into a distant market without proper research or a trusted team—it’s a recipe for setbacks.

On the surface, it appears to be a straightforward role, but it becomes far more challenging when faced with issues like non-paying tenants requiring eviction or broken systems that haven't been properly followed.As a self-managing property owner, it is absolutely doable—but success depends on treating it like a business.

:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+ (roughly 5% probability of default), zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680 (around 10% probability of default), some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

If you purchase a newer property that has been recently and properly renovated, you may consider using a lower percentage.The biggest impact on your cash flow will come from the property’s location.

I just asked a title rep in the area and she says they wont handle a close even as a transaction coordinator unless they write a policy for it which they cant do on a manufactured home on a rented lot.

They don't build a proper reserve, failing to account for turnover costs, vacancies, capex, etc.