An "asset" that loses money on a monthly basis is not an asset - it's a liability.

Have a look at BP's blog where new articles are published everyday: https://www.biggerpockets.com/blog 4.

I've always rented rooms or small apartments, and have been happy doing so, because it requires so little time and effort to maintain on a daily basis (allowing me to pursue career goals and hobbies). 

Here's how real estate has changed my life.1) I receive checks at all different times of the month.2) I have more income coming in than ever before.3) I pay less of a tax rate than I ever have4) My net worth goes up literally everyday.5) I spend more time with my kids than I ever have... 6) I get to give to things that I'm passionate about7) I love what I do everyday.This is not a post to brag, It is a post to motivate.....

Definitely I still have a lot to learn and I’m absorbing new information every day.

A good property manager can be hard to find —but finding one who can efficiently manage your rentals will make your life significantly easier.Handyman—You’re going to need someone to take care of the little things that come up on a daily basis.

Appraisal fee - I know this is not tax-deductible, but should I add this as the basis of my rental property's value?

@Stephanie Sicard sub 1k per month rent, the capex number as a percentage basis need to be higher.

It doesn’t include a unit in a hotel, motel, inn, or other establishment where more than half of the units are used on a transient basis.

Then when done, refinance to a Fannie Mae loan on a personal basis and then transfer to the LLC.If your not in a competitive situation and the property doesn't need a rehab, then Conventional / Fannie Mae is the best way to go followed by the transfer to the LLC.I hope this helps?