I would like to speak to a tax professional regarding this situation in Tennessee.

Some sponsors are mitigating this risk by raising their own pref tranches from their own investor base, thereby giving them control over the terms.In a strong up market it’s likely that rent growth and strong demand will drive up income, thus driving up value, which supports the ability to take out the pref.  

I like Welcome Home Milwaukee, Citywide Rentals & MKE Leasing myself. 

I am also considering changing careers and becoming a real estate agent and would like some input on that.

However, you can connect with a lot of experienced developers in real estate forums like BP or through LinkedIn.

Like @John Underwood said, WY has some good benefits but TX seems to be one of the best for series LLC's.

For your client's cash-out refinance on an adult family home in Washington State, it would be helpful to reach out to lenders who specialize in DSCR loans, especially those experienced with unique property types like adult family homes.Contact Local Lenders: Start with local banks and credit unions in Washington that offer DSCR loans, as they may have specific programs tailored for adult family homes.

However, I have a challenge: I need to connect with like-minded individuals.

Sometimes the HOA can cover capital expenses like roof and exterior, so that can help cash flow as well, but the HOA might increase the dues when they have to pay for capital items.

What is the AVERAGE C class rental like in this neighborhood?