We want to sell our home so we have the cash (about 60k) to invest into an income generating property.What would your recommendations be?

My partner randomly mentioned something to me that caught my attention in regards to a loan program specifically offered through Bank Of America. 

@Vincent Salazar Some random thoughts I wish I knew before I formed my first partnership:1.

I am asking because I want to set my wife up with Real Estate Professional Status and I am unclear on wether or not the LLC not owning the deed to the property impacts any of this or if it has any implications on recognizing the revenue generated during tax season.Thank you for your help!

We have a water pump for a pair washing machines and a dehumidifier in the basement. We recently moved so we would normally pay the electrical for those items. I would like to save some money by not adding a meter, et...

I am also going to be transferring my investment property to an LLC I created but was told I won't be able to use any of the income I generate from this property to help me get a second loan until I file for taxes next year and can show an income.

I think we would feel more comfortable purchasing a SFH, but are definitely open to small multi-family if it would generate more cash flow for us.

@Hilary GravesA quick google search pretty much consistently shows that NOI starts with Gross Operating Income that includes all revenues generated from the operation of the property i.e. rents, pet fees, vending machines, covered parking privileges, laundry revenues, etc.You mention standards :-) which may be a keyword here.

My goal is to start building passive income and hope to retire sooner and long term goal to develop generational wealth.

I am generating passive income so I can control my time.