The room is connected to the main house, cannot tell the difference, has a full bathroom, window and a door that leads outside.

Beautiful renovated 1 bed room 1 bathroom queens apartment built and designed the way we want it.

.- A bathroom was added.- Exterior siding and all new windows. - Total private money in the deal $104,000.- The whole project took only took 4 weeks to complete.- The home went pending twice with the same agent causing delays and additional hold costs. 

This leaves you with approximately and essentially 22,400 liquid profits per year.

There are many questions to ask yourself such as, how active do you want to be in real estate investing [passive vs active], your time tables, how much money you wish to invest, etc --> this will guide you and help you determine the best route to take.As far as real estate management, for doing he actual repairs they essentially "mark up" the costs.

They also mentioned getting reimbursed for the months they paid rent where they didn't have the bathroom functional.  

The property is only 650 ft square foot and has 1 bed, 1 bathroom.

It is essentially a cash-out refi.  

LLC's also have many other inherent problems e.g. you may have difficulty transferring the property to a spouse, or relative since the LLC essentially owns the property and it may not be considered to be a personal property.LLC's do not provide you with any protection when someone sues you because if the court awards damages the LLC cannot pay then it is very simple for the Plaintiff to go after your personal assets, or if someone sues you outside of the LLC then the Plaintiff easily get a Charging Order and goes after your personal interests in the LLC.It is much easier to just file for a Ficticiious Business Name, use a DBS e.g.

I replaced the roof, water tank, updated, electrical, updated the kitchen, refinished and stained the original hardwood floors, renovated the bathroom, Basically I did a total renovation!