Transfer it to your LLC, and whatever the just value of the property (usually about 20% below retail) becomes your new tax basis... so maybe $210,000 on the example above.  

While I've been doing research, I would appreciate a local's hands-on perspective on the state of the market and potential areas to target.

I may get flack for saying this but there is a wealth of information available at little or no cost and local REIGs that can teach you about your local market. 

I also got feedback from two local Indy investors before submitting any offers. 

All joking aside I spent two years on our local city's sign committee. 

To do well, learn about real estate, make a strong plan, meet local investors, check the market, look into loan choices, start small then grow, stay ready for changes, and get advice from pros.Learn about market trends, loan options, and ways like renting out for long or short terms.

The standard for raising rent varies depending on local laws, regulations, and rental agreements.

Have you considered a personal loan from a local credit union or from SOFI?

I'm local in Grand Rapids as well so feel free to shoot me any questions you might have and I'll help you any way I can.

Buy my first small multifamily house hack, ramp up my marketing as a Realtor by sticking to a social media calendar, and start a local REIA!