@Jecarl Viray If your CPA told you that you need to form an LLC in order to deduct rental expenses, I'd be more concerned with getting a new CPA than worrying about an LLC.

A permanent rent increase of $10/month will be effective June 1 for any tenant that has not updated their information on our website by May 15.

Non-QM is a great alternative especially for turnkey rental or even a FixnRent to Permanent Hold solution with really competitive interest rate close traditional rates but slightly higher. 

While it is true the properties definitely are not in the best condition (not unlivable but not brand new) and our timeline/budget isn’t conducive right now to a full rehab, what I find the most concerning is the agent is basically telling us this area is a bad place for investors.

I'm not familiar with the area, but from my own research I've discovered that the area is prone to flooding and is also fairly close to a housing projects.Looking for some guidance on whether I should be concerned with my own findings, or if the area is still a solid buy regardless of the location.Thanks for the help,Matt Smocovich

There is also lead paint, which is not necessarily a concern, but I was always telling our manager to be on the lookout for any chipping or flaking. 

What else are you concerned about?

As far as the IRS is concerned, you bought it for $150,000 because it depreciated that much.

@Jovon Itwaru one of the bigger concerns were how difficult it may or may not be to remove bad tenants.

That gives us an opportunity to meet them and do what @John Underwood said and ask if they have any outstanding maintenance issues or concerns.