Rates are high, you are new, and inventory is slim.

We have one rental property now in our home state (Colorado).... and our purchase in Ohio will be with a conventional loan.So it's sounding like we will do this purchase without an LLC formation... it doesn't make sense right now.As we build a portfolio, it may make more sense to do so, but it's sounding like -- from advice here -- it may not be necessary (or be of much use tax-wise).Thank you!

Conventional is a great option in those scenarios

Unfortunately, North Jersey is probably one of the hardest BRRRR markets in the country right now because of extremely low inventory, high demand, and pushed up prices because single-family home buyers are buying the properties that we all used to buy to fix up because they are desperate.You can BRRRR, carefully, into many parts of Pennsylvania though but remember that interest rates right now make it very hard to BRRRR.

* We purchased with conventional financing using 5% down.* We financed all rehab using 0% credit cards.How did you add value to the deal?

Our current mortgage is a 30 year conventional locked in at 2.75% and the monthly payment is roughly $1900 ($950/person). 

Just wanted to add the MidAtlantic Summit convention @Dave Van Horn and his team hosted last year was top notch with the next one planned for October 2019. 

For other depreciation: When placing a property in service late in the year, depreciation is prorated based on the mid-month convention for residential rentals.

1031 exchange sounds good in theory, but you need to do it in an area and at a time where there is inventory to choose from because once you identify the three properties, you have to close on one of them which is very difficult in a competitive environment.

If it will qualify for conventional, you would be just below the 75% LTV threshold.