We have an excellent relationship with the landlord - he is a retiring military officer and lived in the home for 10 years prior to us moving in.

., the court found that in determining unconscionability, the trial judge may consider: 1) the amount of the proposed rent increase; 2) the landlord’s expenses and profitability; 3) how the existing and proposed rent compare to rents charged at similar rental properties in the geographic area; 4) the relative bargaining position of the parties; and 5) based on the judge’s general knowledge, whether the rent increase would shock the conscience of a reasonable person.

This is the short hand way of how lenders underwrite MF so you should too.Figure out the average cap rate for the area and compare if you are over paying or found a good deal. 

Compare the two.

They know the market very well.Most of Huntsville is good for rentals as their is not much crime in the area as compared to many cities in the south around the same size. 

She was renewing for a third year and has only called me twice in the prior two years for maintenance issues.  

I wavered between selling or renting prior to getting insight here. :/ But at least it will give me time to prepare for 1031 exchange and pick good investment(s.)

I've read that these property types can be appraised just like any SFR based on comparable sales. 

I know there are places renting for between $1,000 and $1,400 / week that are comparable.

How do we handle the finances of this property while it's in "limbo" prior to transferring it over to our LLC?