I have found 1st lien mortgages to be very profitable.

When evaluating potential properties, consider three exit strategies: if you can sell quickly for a profit, hold it as a rental, or take a loss.

It's the safest way to start and it's a guaranteed profit when you get the right deal!

small portion" of profit is not worth the possible legal issues.

A knowledgeable attorney can advise here.Create a solid operating agreement: Since you own the condo with a friend, a clear operating agreement is essential to outline responsibilities, decision-making, and profit-sharing for the LLC.To save on costs:Look for real estate attorneys who specialize in investment properties and might offer package deals for the retitling, operating agreement, and filing the LLC.Shop around for title companies that can handle the transfer smoothly and provide competitive rates.Research DIY options for setting up the LLC if your situation is straightforward, though I’d still recommend a lawyer for the transfer process itself.Good luck with the process!

Further, the property may qualify for larger loans based on the increased cash flow ability to service debt.  

I own 9 rentals in SC spread across Columbia, Chapin, and Newberry that are solidly profitable. 

A sage person who responds often on this forum said, "Airbnb insurance is a profit center for them". 

The short-term rental market here is particularly lucrative, though regulatory changes can impact profitability. 

I could have gotten to profitability in a fraction of the time without those unnecessary expenses.