@Allen Lopez Since you didn't call your LO first, I'm guessing you commingled the non-family gift funds with your own main down payment funds for the new house?

The main caution here would be, you can't get to your rental in short notice, or cheaply, so you'll have to rely on / trust others to manage your asset, this can be hard for many people to do.The Jersey Shore isn't a bad one, lots of demand, its not a year-round market, but you can make your entire nut renting it out in the peak summer months, then use it for much of the spring/fall, and reserve a couple weeks during the summer as well.

I have ways to search cases,  but since homes can only be brought into probates under certain circumstances, and they are all within the main probate estate, I’m not sure. 

Now as for your question, what is your main goal?

I'll give a little different take....in my experience once you have a legal lease that you're happy with you may never encounter another legal question ever.The tax issues important in terms of frequency because you'll face them every year and taxes are likely your #1 expense beside mortgage interest.The 2 main keys to being successful are that if something breaks, you fix it for the tenant and the tenant has to pay the rent on time. 

I have a lot of learning to do, but my main interest is multi-family dwellings, commercial spaces in the future, possible vacation rentals and/or trailer parks. 

@Adam CraigHI Adam,You like red, a  dark red might work, but  maybe for the trim instead of the door, with sand color for the main part, and an earth color for the doors (front and back) to make them look "inviting".Whatever colors you choose, it's always wise to have the painters try them on a small part of the front so you can see them before you commit to buying several gallons.Sherwin Williams codes:Good Luck!

Here are the main details: - The tenant is currently in a month-to-month lease with the previous owner. - Tenant receives rent help from HUD. - The unit has drywall in the unit that is falling down from the ceiling and may not be a safe place to live. - We want the tenant gone.

My main hesitation is that I live in a strong housing market where prices seem to be forever rising.

(there are some exceptions, so call around your local small banks and credit unions)  Your main option is going to be a cash out refinance, and again, most banks want the property to be in your personal name, not an LLC or trust, to do the loan.