@Benjamin Miller whether you have money or don't, your first challenge is researching what market to invest in and what property class.Then, even without money, you can still educate yourself about that market, so you really know what a "deal" looks like.

Sellers typically  become motivate when they cannot sell the property due to price, defect or simply bad market fundamentals. 

So for example, you give the seller $5k upfront in exchange for the right to purchase a property (let's say worth $200k today) for $250k in ten years.

We have 2 class A/B+ properties on the west side.

I just got my first rental property so I am very new to all of this. 

- Should I purchase the property through an LLC for potential tax benefits?

That's the problem because you have no ultimate control of your property and it's a sign that you're treated second class compared to the locals .

IF all projections are met and the property is sold after 5 years it will be about a 10% annual return after all capital gains taxes are paid. 

As my first project I would like to purchase the property out of the trust, maybe move into my newly formed LLC, and convert to a 2 family.

We're looking to renovate something before the end of the year to accomplish 2 things: 1) Improve home value so we can get appraisal, refinance and leverage that to buy a new property. 2) Take advantage of the tax credits that are out there in 2024 before the new year or is it better to wait until 2025 and just hold onto the cash I have at hand.Here is a list of renovations that will need to be done eventually:*Brand new basement kitchen (cabinets + add seating area - we already have brand new dishwasher, fridge, gas oven)*New standing shower in the basement bathroom*New Siding*AC/Furnace for unit 1 are close to end of life but still functioning*New Fence/landscaping*New Windows for the basement*New Garage (unstable, concrete shifting, very old)*Solar Panels on the roof (There is a $0 down payment lease option w/ sunrun, but I'm hesitant to move forward)*Renovate master bedroom closet for tenants (it is old & has built in entertainment center that is very dated)*Repair Catch basin*Adding better drainage system for back door.Greatly appreciate any help, insight or advice!