Kelly is correct about connecting with local people to understand our market place.

If you have a relatively new FNMA mortgage, you can usually Quit Claim to a single-member LLC without violating the clause.Any other mortgage probably won't allow, so you should understand the risks if you proceed. 

Understand the fees involved and calculate the total cost for an entire year of management so you can compare the different managers.

@NaDean Bowles - I want to understand correctly.

It provides us with the flexibility we need to start renovations at a time when we have financial and plans set, ultimately increasing the property's value and appeal for future long-term tenants.Our decision is not just about financial gain; it's about providing immediate assistance to those in need, with the understanding that this approach also serves our long-term objectives.

I also think this is one of the great opportunities for folks to understand the business.

It's also convenient that you live close to the property, which allows for easier management and oversight.As for financing, I understand that your bankruptcy in 2017 has posed some challenges for securing a loan.

Rate increases might have an impact on the viability of the negative cash flow approach.Personal Risk Tolerance: Understand your own risk tolerance and financial goals.

Just to understand the process better?  

So any advice you get here should be used in the areas where the poster is from with the understanding that they might not work in your area.That being said here is what I think: Your current residents drove their family member to sell the building because they were happy to take advantage of him or her. 1.