If I have a potential tenant that I like then I work with them. 

The investors get much more profit out of the property.Recommend having a very open conversation with your FIL, expressing your interest in potentially taking over the property from him.

We put our first home on the market for rent $1450.00 and right away, not even a week my realtor found some potential tenants.

As of this morning July 2nd 2024, a full 2 weeks after writing their current investors that they are suspending interest payments, they are still seeking new investors for investments but do not inform the new potential investors that they have suspended interest payments.

Spend the 12k on a sump pump instead of lawyer fees.

I have been following the Real Estate Investing industry for a while and just recently decided to put my focus into it and implement a plan I had in mind for years.So I went down to Puerto Vallarta I put together a team of local realtors, brokers, contractors, property managers and a lawyer. 

I am guessing a few will say to have my lawyer do it, but the other LLC was so seamless that it seemed superfluous to have someone get involved. 

I recommend consulting with a lawyer or a company that deals with setting up entities to assess what's best for you.

But with more it could probably be apraised for 500k ARV or more.Also the house has a lot of rental income potential aswell.

You can find a potential partner at your local REIA group.