Putting your real estate holdings within an LLC might protect your personal assets in the event that you are sued for your real estate endeavors.Before putting their property into an LLC, some investors choose to wait until it has increased significantly in value or developed a sizable amount of equity.

If go the trad financing route and put 20-25% down on the 1st property, then rehab it to increase the ARV, how will you have enough cash to then buy 2nd property? 

I was thinking that things will probably continue to appreciate and the area will continue to grow and was looking at the investment leaning towards more value increase overtime and not something that's a hardcore cash flowing investment.

In addition, owner loaned us $100,000 at 6% simple interest for one year to make major repairs (installed heat pumps, replaced boiler (for heating water only), replaced some siding and major roof repairs.)We were very clear with each other what we each wanted out of the deal.

I increased the rents as well as spruced up the curb appeal.

Calculating the depreciation base, typically guided by a CPA, is the primary complexity.Except figuring out the depreciation base to use (what amount from the total acquisition cost goes for land and can’t be depreciated, and how much goes for the building/improvements to be used in the segregation and depreciation calculations, and even that should be an easy answer to figure out or get from your CPA), the rest is simple stuff your CPA will not know anyway (thus him sending you the “survey”) like, the sqft of the house, the length of the fence and if wood/iron/brick, how many ceiling fans in the house, how many cars garage, if carpet or tile in what room, etc.

You are better off spending a few thousand dollars on giving your garage a nice facelift and on some simple landscaping. 

Providing this information upfront can help to ensure that the appraiser has all the necessary information to provide an accurate appraisal.Overall, by focusing on cost-effective upgrades and providing the appraiser with the information they need, you can increase the chances of achieving a favorable appraisal that will allow you to be front-end profitable on your rental property after refinancing.

I want to increase my portfolio, but not sure if it makes sense.

We buy in Albany and from landlords who think this way and spend a little money and have been able to increase the rents every time.