That's up to your goals and long term strategy.

We're open to other strategies, but believe that sounds the most ideal so far. 

I put together an investor package that has info on Cleveland markets and different strategies.

If transferring the property to an LLC, be mindful of the due-on-sale clause, and note that an LLC itself does not offer tax savings unless electing S-Corp status, which is rare for rentals.To maximize tax benefits, consider cost segregation, bonus depreciation, and short-term rental (STR) strategies, which could allow you to offset W-2 income if structured properly.

Selling at FMV avoids the gift tax but provides your child with a higher tax basis, reducing their future capital gains liability.A better strategy for selling below FMV is to sell the house at FMV on an installment note, then forgive interest and principal annually up to the gift tax exclusion amount.

you may have to save up until you have enough money to do so - down payment, closing costs, reserves, etc.House Hacking: What Is It, How to Start, and Strategies for Successit's a more powerful way to get started. 

If not, I would advise researching this strategy.

I'm coming up with a strategy on building a 2nd unit on my property to where I can convert it as part of the house if I ever plan on selling (which I don't plan to).  

I met with Wicked Smart today and was told they help you set up a lead sourcing system, help you structure creative financing - which is essentially lease option/purchase, subject to and owner financing....all strategies I am interested in learning more about.

If you're still shopping markets, I'm happy to set up a call to discuss how Memphis could be a good fit for you depending on what strategy you're looking to implement.