Conversely, if the seller NEEDED to sell the property to raise money for something, a fair price might be closer to that $2-3/sf number.

I have 1 rental property that is a duplex as a house hack and the tenant that has been living there for about 3 months now is giving me some problems(not anything that cant be talked about and solved over conversation I just dont want it to get worse) and I want to go and sit down with her this upcoming week to have a formal meeting(not at the house) just to talk about some things, where could I do that.

It's similar to how you report it for tax purposes in years where you aren't selling it, you report 50% (or whatever % is allocable to each side) as rental property and depreciate that 50% while the other 50% is your own personal residence and therefore is not part of Schedule E.

Converting your single-family home into a rental property involves several considerations to protect yourself and ensure smooth operations: Establish an LLC:Liability Protection: Holding the rental property in an LLC can protect your personal assets from potential lawsuits related to the property.Tax Benefits: An LLC can offer tax advantages, such as pass-through taxation, where rental income is taxed at your individual income tax rate.Insurance:Landlord Insurance: Ensures coverage for property damage, liability claims, and loss of rental income.Umbrella Policy: Provides additional liability coverage beyond your landlord insurance, offering extra protection.Deductions:Mortgage Interest and Property Taxes: Continue to deduct these expenses.Depreciation: Depreciate the cost of the property over 27.5 years, excluding the land value.Maintenance and Repairs: Deduct costs related to maintaining the property.Property Management Fees: Deduct fees paid to the property manager.Filing Taxes:Schedule E: Report rental income and expenses on Schedule E of your tax return.Separate Accounts: Maintain separate bank accounts for rental income and expenses to simplify bookkeeping.Lease Agreement:Solid Lease Terms: Ensure your lease agreement is thorough, covering rent amount, due date, late fees, maintenance responsibilities, and eviction terms.Legal Review: Have the lease agreement reviewed by a real estate attorney to ensure compliance with local laws.Tenant Screening:Background Checks: Perform credit, criminal, and eviction history checks on prospective tenants.References: Contact previous landlords and employers for references.Property Management:Regular Inspections: Schedule regular property inspections to ensure it's being maintained properly.Maintenance Fund: Set aside a reserve fund for unexpected repairs and maintenance.Moving Out of State:Communication: Maintain open communication with your property manager.

My biggest pain point has been not knowing all the little things that could have helped me out if I put them in the lease that would have helped me snip some of my problems in the butt and for context I am a roockie with only one rental property Tenants will not move in with out all utilities in their name When tenants move out they will sign a move out form for all damages if any over a reasonable amount Tenant will not hang fie traps out side of home those are just personal examples of some of my issues with my one tenant so what would be really help full is some of the little things that you dont even know that you dont know 

I would personally encourage you to use debt if you are looking to wait 3 years to get started though.

Next to 0 unless it is coming from a personal contact or a HELOC or something like that. 

If you can find a partner with the capital and/or lack of time, you can become that go to person on the team to make sure you are making solid decisions on the buy side, especially if your partners are out of state. 

I personally won't be doing them here in MD, but some people specialize in acquiring those types of properties and I would strongly suggest you to attend local meet ups and try to speak with someone who had done it successfully and never got burned.

We run in-person meetups in Northern New Jersey on the first WED of every month, but in July it's the second WED in Morristown.