Although there are safeguards that can, and should be set up, this merely modifies the risks, it doesn’t eliminate them.  

Simplifying the processes, laws and regulations into a few basic scenarios when in reality each state has a wildly different set of rules, laws and procedures and each county and often municipality has their unique set of procedures within the state3.

(You act as the bank)Charitable giving to offset gainsTransfer the home into a trust (Like a CRT for example) that will avoid capital gains tax and you can have pay you a set income stream until your death and the remaining funds would go to charity.None of this is or possibly could be advice, I don't have enough info to fully know what is "best" but these are some ideas to think about!

It's great to have you here.Here are some recommendations for you:Find and connect with other BP members that are in your area: http://www.biggerpockets.com/m...Set up keyword alerts to be notified of the topics that interest you: http://www.biggerpockets.com/a...Read Beginner’s Guide: http://www.biggerpockets.com/r...Check out BP Money Podcast: https://www.biggerpockets.com/..Wishing you the best!

Cash offers lower costs and control but limits diversification and potential returns while financing allows you to scale faster with more properties, but increases complexity and risk.

@Hannah Potter Here are the things that many CPAs support their clients with:Understanding tax impact of short-term vs. long-term vs. flip before you buyWhich entity structure is best for goals and investment property typeTax and compliance on LLC or S-CorpHow to transfer property out of personal name into LLC (hard to buy 1st through entity)Ways to optimize taxes throughout the yearHow best to set up accounting to track income and expenses (doing this late is a mess)Feedback on property management systems, accounting systems. systems, etcEstimated payments to avoid penaltiesKnowing when to file and getting things in on timeMaybe a few things I missed, but this is the high-level ….. if you can get answers to the above questions on your own, plan, and file your own taxes then you can avoid the expense of a CPA.

Contrary to popular belief, this is not set because I believe it will give me a higher return.

It seems to me that if I told them I was I interested in a single family turnkey property that returned 7% cash on cash net of all expenses and they had opportunities in a multi family investment, I would not want to limit my opportunities. 

I did an LLC so I could build a brand - it's to limit your liability, it's really up to you.

Spring, located to the north of Houston, provides a mix of suburban and rural settings, catering to a variety of rental markets.Cypress is a bustling area with great schools, planned neighborhoods, and amenities.