We've looked into and are pretty convinced we would like to make an LLC to manage the property (although if anyone has any reservations about that, we're open to other perspectives), however we aren't sure if we should make the LLC in the state we are buying the property in or if we should make an LLC in another more "corporate friendly" state.

(To increase income numbers).

By strategically acquiring and managing properties, I aim to create a portfolio that generates consistent income streams, allowing for long-term financial security and freedom.

But if an when the cycle recovers, the valuation will be quite different in the end.The total return also includes income and this varies depending on the deal.

We do not draw any income from the partnership outside of property management - 8% monthly per unit and one month rent for tenant placement.

By rich I mean they completed an application, paid the screening fee and we show that their income is sufficient to cover all of their own expenses plus pay for rent and any damages at the unit we are renting their child.

Typical rates are 8-12% of income either monthly or yearly depending on manager.

There is a means test for income and equity.

I’m gonna be totally honest with you, it’s extremely hard if not impossible to replace a full time 40 hour a week with rental income at least in the shorter, it’s the type of thing that helps you retire a little early and have a buffer in retirement, my grandmother has been in poor heath for years, those properties have allowed us to give her the best care possible, if you don’t already own a home and feel comfortable with your budget and the ability to live in that house for  at least a few years, I’d get started on that don’t even need to over complicate it, find a budget, find a house you like and can see yourself in at least for the medium term buy it. 

If you have equity, income and good credit, any lender will do this.