The rentals are paying the holding costs on it so far (taxes and insurance are high in this market).

Cap rates, location, and understanding the cost per door alongside your mechanicals and capex is going to be key when buying multi-family. 

I will have access to ~1M in cash for down payment and closing costs (I would also have reserves, separate from this capital).

I’m looking for advice on how to setup a structured partnership with my in-laws so that both parties achieve their goals.

The recording can typically be executed within 2-4 weeks of closing with the title company, there is a typically a cost associated with the recording.Any similar experiences or cautionary tales regarding the use of an LLC for an investment property or STR acquisition?

@Karolina Powell - When touring multifamily properties I would suggest you be conscious of the following: - As Alecia indicated... make sure you understand how utilities are set up (individually metered, etc..)- View the general condition of each unit.

If they cause a sewage back up because they are flushing wet wipes and the cost of repair is $760, who is paying for it?

You can trying getting a HELOC on one of your property (best on primary) then you open a line of credit to use those funds to cover your rehab costs.

Send a return receipt certified letter notifying the tenant of the issue and if applicable their cost of the repairs.

Understand the fees involved and calculate the total cost for an entire year of management so you can compare the different managers.