There are also additional costs of operating and maintaining an LLC, like separate bank accounts, annual report filings, tax filings, etc.2.

Furnishing is usually 12k per bedroom - it's also shown in rei-lense.Since you're going to use it yourself it might qualify as a second home and get a better rate.HOA is always a risk as they can limit the renting options available at the moment or come with additional expenses.And, to get the most of AirBnB you'll need to put some more into it.

In those instances you can purchase the new property in 'cash' position and do not have to get an additional mortgage. 

You can probably search the bigger pockets website for attornies that work with investors in your area.If the numbers on the deal barely meet your investment target then consider hiring an attorney to work with the estate and see if you may be able to get an additional reduction in price.

Lakewood is a very sought after rental area with high rental rates, and a lot of people will pay high rents to live in close proximity to Lakewood, and downtown Cleveland, which this area is right in the middle of those two, as well as right by lake erie.  

In addition I have yet to encounter a seller cost of value add being as high as my conservative cost Projection for the value add.

Additionally, the multifamily millionairre volume 2 by Brian Burke gives you good insight into the large multifamily purchasing process, the associated due diligence and underwriting. 

I used to live in Cincinnati and now live in the Tampa Bay Florida area too!

Ask about the maintenance history.Units: Visit as many individual units as possible to assess their condition and note any necessary repairs or updates.Structural Issues: Be vigilant about signs of water damage, mold, or pests, which could indicate larger problems.Safety Compliance: Verify that the property meets all local safety and building codes, including fire alarms, extinguishers, and emergency exits.Financial and Operational AspectsRent Roll: Request a detailed rent roll to understand current rents, lease terms, and tenant occupancy.Expenses: Get a breakdown of all operating expenses, including utilities, maintenance, insurance, property management fees, and taxes.Income Verification: Ask for historical income statements (preferably 12 months or more) to verify the revenue.Vacancy Rates: Inquire about the historical and current vacancy rates and how they compare to the market average.Tenant Profile: Understand the tenant mix, including residential versus commercial tenants, lease lengths, and tenant turnover rates.Property Management: Find out if the property is currently managed by a professional management company and if you will retain or replace them.Legal and ComplianceZoning Laws: Ensure the property complies with current zoning laws and inquire about any zoning changes that may affect the property.Rent Control: Determine if the property is subject to rent control or other regulations that could impact income.Permits and Licenses: Check that all necessary permits and licenses are up to date.Value-Add PotentialRenovation Opportunities: Identify areas where you could add value through renovations or upgrades.Rent Increases: Assess the potential for increasing rents based on market rates and property improvements.Additional Income: Explore opportunities for additional income streams, such as laundry facilities, parking fees, or storage rentals.Environmental ConsiderationsEnvironmental Hazards: Check for any environmental issues like asbestos, lead paint, or underground storage tanks.Flood Zones: Verify if the property is in a flood zone and the implications for insurance and risk.Questions to Ask the SellerReason for Selling: Understand the seller’s motivation to gauge the urgency and possible negotiation points.Recent Repairs and Improvements: Ask about any recent capital expenditures and future planned repairs.Tenant Relations: Inquire about the relationship with tenants and any ongoing disputes or issues.Due DiligenceProfessional Inspection: Hire a professional inspector to conduct a thorough examination of the property.Appraisal: Obtain an independent appraisal to verify the property’s market value.Legal Review: Have a real estate attorney review all contracts, leases, and legal documents related to the property.By covering these aspects, you’ll be in a stronger position to make an informed decision about your potential investment.

Real estate laws, tax implications, and asset protection strategies can be complex and vary significantly based on your situation and jurisdiction.Alternatives to Transferring to an LLC: If you're interested in investing in real estate through an LLC, you might consider purchasing additional properties directly through the LLC instead of transferring a property acquired with a VA loan.