It can be a lot of time and work if doing it on your own.

If so- what would you rate your work effort (not afraid of work), and the time to close a first deal?

Congrats on your success so far.Some random thoughts for you:- It might be difficult to tap the equity in the rental at this time given the current state of interest rates. 

Give sellers the space to make their decisions without rushing the process—trust takes time to build.Listen More, Talk Less: The best closers are the best listeners.

I have one lender that will go up to 85% but need 720 credit or better and 1.25 DSCR no rural areas

If this is your only rental, DIY could work for now, but a one-time CPA review is recommended to ensure accuracy and tax efficiency, especially if you plan to expand your portfolio.This post does not create a CPA-Client relationship.

As much as I can I try to keep my clients out of serious foundation repair as it is typically not a one time repair, but an ongoing issue over time. 

It’s a full-time commitment, especially when you’re just starting out.

I was thinking Form 8832 is the one, but I am confused when I get to question #3 since this entity is technically owned by more than one individual.

Hey @Keagan Scott, so I don't have any insight into Gary, IN but here is a blurb -"Those looking to rent out their properties for less than 30 days (about 4 and a half weeks) will have to get a permit, pay a one-time $150 fee, and have a city business license.