Hi all,New to the site and been looking through and exploring lately. 

@Samantha FergusonSimilar to what Ryan is saying, we have been exploring the idea of adding private investors (i.e. 1031 exchangers) to our expanding assisted living operation.

But an attorney would provide articles of incorporation and an operating agreement along with the LLC to designate it for your tax or legal needs that are important to you.   

Now...I recently read an article stating that, for example, I have the property for 5 years, I live in it for 2 of the 5 years before selling, and it's a rental for the other 3 years. 

I felt I needed to add this post as an article since I believe the underlying theme is very important.

If not then you should google (Private flood insurance) or (Lloyds of London Flood Insurance) you can also check out this article that Investopedia did on flood insurance.Best of luck with all your ventures. 

The property does happen to be on close to an acre of land however so potentially adding more units is a possibility I could explore.

@Destry B.I found this article which was helpful.

Frank Wong totally agree and like your simple formula for the 1st Million, I wanted to give bit more details in my article. 

I am on the tail end of a BRRR on a triplex, and I'm exploring options on the refinance side.