I have done it and it will be a very profitable investment compared to traditional financing since you're essentially investing minimal amounts of your own money and reaping the benefits of the built equity and appreciation (and potentially even cashflow). 

Once your tax profile gets more complicated - you may benefit from reaching out to an accountant.The great thing about Washington is that they do not have a state income tax(only a B&O Tax).

Since it’s impossible to create a true cost per side, I just waited for renewal time and made adjustments based on fair market rents. 

They're a great way to start networking with like minded people and can benefit you in your investing career.

Having LLC does not give you any tax benefit.

(If that just doesn't work, Just ask her if she knows of anyone that could benefit from your services) Build Value, Agitate their pains, Send the offer!

We typically give 70% to 80% of the cash flow, tax benefits, & profit to them.

We get to benefit from much higher rent demand and lower taxes in Indiana than Illinois our typical turn key is about $90,000 to $125,000 and rents from $1100 to $1350 There is a lot of opportunity with all the railway and airport expansions in this area and we are seeing retail housing jump 10% plus.

I was recently watching a webinar that @Brandon Turner was hosting where he was going over the benefits of using the BP Calculators to quickly analyze deals.

At that time of conversion, the "adjusted basis" of the property for is  - your original basis - a depreciation that you already took,  So when you go rent it out after moving in and renovating it, the depreciation starts over27.5 years but with the adjusted basis ( or FMV if lower).