Which is very complex and costly and likely warrants professional help.Now, if it's just you and your spouse, then your 2024 tax preparation is likely relatively straightforward:- you will create a Schedule C on your personal tax return- you will NOT report any costs of purchasing the property or its rehab, not in 2024- you will report your business overhead expenses such as marketing, driving, technology etc- you will end up with a business schedule showing zero income and some expenses - not breaking the rules but potentially raising an audit flagCan you do it yourself?

I've personally helped many OOS investors here and they've been very happy with returns. 

I personally would not invest in detroit as historically its not a appreciating market and for cash flow and I invest primarily for appreciation - I go off the location location location mantra. 

It's stronger in court if they do it, nothing personal.

Quote from @Sharon Bancroft: @Cameron MarmonI had this same situation and my tax accountant filed the change for me ( one time filling) and we now file it on our personal as a disregarded entity.

There is realized gains & profits, and UN-realized gains and profits.

Personally, I'd go with the As-Is scenario.

This is one of the best ways to scale a portfolio while keeping low out-of-pocket costs.Big Picture: The Best Move for You•If you need funds now, a HELOC in your name makes sense—but keep the rental in your personal name to avoid triggering the due-on-sale clause.

This is a very personal question that is difficult to answer. 

@Levi Perl Since your single-member LLC (SMLLC) is a disregarded entity, all rental income or losses are reported directly on your personal tax return rather than at the LLC level.