I was originally drawn to it because I wanted to have one place where all my tenants paid rent and where they had the option to set up auto payments. 

We've seen 3% for 100+ unit apartment complexes, but they also have onsite staff not included in the 3% management fee.Two other pricing options to properly understand:1) Fee charged based upon tenant payments or just occupancy.

I’m committed to keeping my options open and continuing to learn about being a landlord to ensure I’m well-prepared for my first purchase.To improve my ability to analyze deals, I’ve developed a two-part plan:Join a local BP meet-up group to discuss my goals and support others.Continue learning and engaging with the BP forum.Thank you again for your guidance—it’s truly appreciated!

I give them a deadline to respond, very clear terms of how we will move forward with the option they choose, and I make it clear this is my final offer.

I found myself overwhelmed with all the options.

One option is to buy the home and pay them out in installments rather than taking out a bank loan right away.

Would love to know if any other mortgage brokers are aware of other options? 

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!

Your mentor’s advice about starting with a rental property is solid, and a duplex could be a great option for house hacking.

Or considering the membership buyout option?