If that's not what your desired outcome is, do not get suckered into doing the FHA streamline refi.So at the end of the day, you have options, but if your goal is to buy another property, it's best to walk through all your options with a loan officer who specializes in working with investors and these exact scenarios, and map out a gameplan not only for your current property and next property, but getting to property 3,4,5 etc so that you don't get stuck on your journey.Hope that helps and best of luck!

Aloha Lilianna,The best time to buy a real estate for the long haul is always when others are selling left and right or during crisis.

From an income tax perspective, the LLC provides you with absolutely no benefit.Even from a "anonymity" perspective - if that is a Single Member LLC, the K-1 from those syndicates is still required by the IRS to be issued directly to the beneficial owner - you.If you don't make it a single member LLC, say your spouse is also a member, now you have a partnership tax filing - if it holds a number of LLC interests, it is now a partnership filing that is a pain to file to roll all of those activities in and report it on to your personal returns.In short...most likely it is best to keep it simple. 

It is located very closely to a Pond (+/_ 10-15' from edge of water to house); so it is very close. 

Very competitive market.

I am ok for it personally but trying to see what additional lease terms i can put regarding lease break so that i have no or very low financial burden for breaking say in the 7th month. 

Best case you find out you hate house hacking or you can’t make it work financially and saved yourself $300k. 

You have a VERY GOOD tenant who is trying to follow the lease and ask permission.

thanks, This really depends on the price point and quality of the home. a $1M rental vs a $100k rental will be very different.

Please note investments here are different and rehabs are very different.