The LLC would essentially serve as a business checking account to collect rental payments from your roommates/tenants and potential write-offs for expenses such as property repairs/maintenance.

Also, the amount of damage was so expensive to repair that he simply could not afford to fix the more damaged units.

but, it's not going to be "profitable" for several years, depending on how you define profit.you'll have a down payment, then closing costs - which new investors always seem to be shocked by - then potentially some costs to get a property rent ready, then you'll pay a month's rent to get it listed and rented out, then you'll likely have some repairs after the tenant moves in.  

Hey Peter, thanks for the comment and the insight and you are absolutely correct about knowing what sells in your market, I see this happen with a lot of fix and flip projects that are just in the wrong areas, the investor gets the house for a good price however spends too much on repairs and adds a lot of luxury thinking that it will push the ARV significantly higher than the average in the area.

I’ve worked with ALE before and actually market my inventory to them directly via different marketing techniques.

I'm thinking that repairing the plumbing leaks and getting the soil dried out could be a permanent solution.   

Hi Randall-Congratulations on buying a rental property well back in 2020.I am sorry to hear the property is now cashflow negative $200 a month.Your question is should you sell or continue to keep it with the negative cashflow.Depends on your personal goals and if being negative $200 a month plus any unexpected repairs or vacancies is affordable to you, but if you can solve the negative cashflow by turning the property into a furnished mid-term rental, for example, your future self may thank you.To Your Success!

A roof on the 600K property will cost more than on the 300K property, but you have more roofs to repair on the multiple 300K properties.

Remember, turnover is one of your most expensive costs, so try to eliminate downtime and repair costs by doing it right the first time.What are your tricks when it comes to renovating or maintaining rental property bathrooms?

It usually starts with a thorough walkthrough of the property to list all repairs and improvements.