Much like we've mentioned on this board quite a few times, if rates do come down in a harsh fashion it's for a net negative underlying reason.

I would wait for another deal to come along that will cash flow positively, one is out there, you will find it.

Military families waiting for housing have very similar needs (1 to 3 months of furnished housing) as traveling nurses.

I will consider and do some study on the Hollister market as you mentioned. 

Congrats on getting started; can’t wait to hear how it all goes!  

Putting your real estate holdings within an LLC might protect your personal assets in the event that you are sued for your real estate endeavors.Before putting their property into an LLC, some investors choose to wait until it has increased significantly in value or developed a sizable amount of equity.

Being a savvy investor you realize - as you have mentioned - that the rents are below market a.k.a. value add opportunity... and so becuase of this and because there is less competition due to the reason most other 'investors' are ignoring it right now as I have mentioned.

Should I wait?

@Jason Pender mentioned he didn't have enough cash for the full thing, so while he could get it done with his IRA money, there would be tax implications similar to what you mentioned.

My first investment was a condo, and I wish that I would have either waited to save up more or taken on a project to buy a single family home.