Also, does everyone in your household want to sell this and move to a multifamily?

With your engineering background maybe partnering with someone with building or other RE experience could be valuable.

Unless this is a value add location with more expansion hard to get a lot of bang.  

What made you interested in investing in this type of deal?

Take this with a grain of salt since you seem like you are trying to get started in real estate investing somehow.

Here in Texas, I’ve gone through hundreds of deals this year and maybe half a dozen deals were worth the investment. 

Sometimes if that is an approval verse a bank account showing $500K for example, the agent on the list side may need a little education on what you are looking to do, I always have the lender call the agent in this situation to get them on board to get the listing agent more on board. 

"Could this be a time to pickup a decent property for a bit of a steal there (at least relative to how crazy high the market has been recently)"Yes exactly

Really no reason to attempt to do this with an LLC.

In 2020 I bought my first house 3 bedroom 1 bathroom and a 2 car detached garage for $175,000 and put a 10k downpayment on it and interest rate was 3.5%, in 2023 I decided to rent it out for $1350 mortage was $1106.62, in 2024 we raised the rent to $1450 and our mortage currently is $1144.76- I never put into account repair expenses, Capex, vacency until I read on rental investment properies book.