As for the situation, what are you trying to optimize for?

@Rosette PooleRecommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

That said, I wouldn't let projecting rates factor into my decision as much as whether or not you want to pull the extra $$ out.

You'll probably want to quitclaim it into the LLC. 

@Stephen Patton, welcome to the forums!

Shoot me a message with your information, so I can give you a copy of the investment map of Memphis. 

Do not expect to keep them and be prepared to have to evict.If the jurisdiction this property is in requires anything in place in order to evict such as rental licenses, etc., get them in place before discussing an increase with the tenant because it's much easier to get inspections and repairs done when the tenant cooperates.

If you present them with the opportunity to partner, they may jump in with both feet.Two thoughts:1.

🔄 The Side-Hustle Timeline: How to Build Your RE Business While Working 9-5Ever feel like your W2 job is holding back your real estate dreams?

and getting ready to rent it out.