Hello everyone,I recently became the owner of a home on Rural Street in Indianapolis, Indiana, and have encountered a significant issue that I hope some of you might have insights on.When I bought the house, I noticed some water in the basement.

That might give you some experience running a house, hearing what people are willing to pay for rent, management issues and all the other things involved. 

An LLC is used for business related assets.A house-hack is a partially personal / partially business related assetAn LLC is normally best when personal and business are not 'comingled'best to talk to an attorney to see if you will get the asset protection you are looking for.

There are lots of issues that can pop up that are out of your control with the HOA but affect your guests. 

If you decide on the Midwest, I recommend not buying Class C 100 year old homes (what I did)  - there are issues with things breaking down, crime (stolen AC unit). 

If it was older when you moved in in that works even better for you.Whether or not they were even justified in replacing it is another issue.

Taking partial payments BEFORE rent is due isn't an issue.

On this deal, I was representing a moderately experienced buyer whom I have worked with twice previously in a purchase of a relatively new small multi-family building.This is my review of a transaction that did not make it to close, which highlights the process of going through an inspection period with an experienced investor-friendly agent and how that process worked correctly for the buyer.  

Coupled with the fact that you believe there might be a chance you will need to come back to the Bay Area and that the slight negative cash flow is not an issue for you, you should just hold on to the property.

The large scale BRRR can be tricky, but having a JV from the start will help.My clients down in GA are doing well with a BRRR centered strategy, but focused on one, or both of these things to cash flow quickly:1) 2-4 unit properties2) Section 8In most lending circles, your 2-4 units are going to be classified in the same category as a SFH, so to rehab a hand full of those, you don't take the same kind of rate hit as the 5+ unit properties, but you also don't have the same kind of "experience" issues as you do with larger developments.