It seems that if my parents transfer the property to a LLC in which each owns a 50% interest, the default federal tax classification would be a partnership if we do not live in a community property state and the property is not located in a community property state?

There are so many so be sure to filter by your location. 4) Review Dave Meyer’s The State of Real Estate Investing Report 2024 (in your resource page as a member of BiggerPockets!)

Also, with being an out of state investor, picking a property that needs renovations seems really intimidating for my first rental. 

Hi ALL,Just reaching out to see if you can give me some insights on Charlotte Michigan, Small City close to Lansing MI (21 Mil), I'm researching a Multifamily building, My concern is that there is 9,000 plus population only, I see articles that show is a good rental market, but it will be grate if anyone that knows the area can have some feedback as far is Schools, Crime rate, Economy and so on.As always, thank you guys, have a great day!!!!

There's plenty of options all around the city, I'd be happy to connect to talk about your goals! 

Georgia is an attorney state. 

Lot of options and opportunity all around the city.

Fees should be clearly stated in writing, easy to understand, and justifiable.

Anyway, these two are in different states and are handled by property management companies. 

You have to check cities and counties within the state too.