Here is a little background: This is a 3 bed 2 bath built in 1984 Location: Eden Prairie MN Market value: Redfin = $204,504 Bought for $186 k in 2007 To make it rent ready, we are in the process of removing the very old carpet in the living room, hallway, kitchen and dining room and replacing with smart core luxury vinly with hardwood look.

Would it be smart to split it and make a profit on the land to then invest into further updating the existing property or would it be smarter to keep the entire lot and eventually build a second building to use as rental income also?

Is it a smart idea?  

What ever you do, renew with increase, or non renewal,you need to do it before the last day of the month or your postponed for another month, but to offer a renewal before paid in full isn't to smart. 

You just need to be smart on where you buy.

I think creating the additional child LLCs in the home states as you buy property is smart to keep the assets isolated from each other... it's my understanding that someone suing the child LLC may be able to go up to the parent, but can't go back "down" to the assets in the other child LLCs

I have a different rental with bathrooms on all bedroom levels and I get much more per bedroom in rent for it.These bathrooms where put in when indoor plumbing was considered a technological innovation, so they might have under estimated how often and how long people spend in them.

Usually they know just enough to sound smart, and make it appear as though they are a master or real estate mogul.

Keep a reserve, keep track of every penny, and be smart!

Thanks for sharing that @Jerryll Noorden My super smart handsome dude.