I bought a single-family on the mountain last summer, and added a basement suite - it cash flows very well.  

With a combination of real estate and construction contracting experience, I have been responsible for overseeing day to day management of property acquisitions and sales, tenant build-out, capital improvements and base building projects including build to suit, hard bid renovations and design build contracts.My work have included; financing and grant proposals, pre-construction planning, budgeting, project scheduling, contracting with architects, engineers and other consultants to oversee plan preparations, as well as bidding and general contractor.

Just read through The Ultimate Beginner's Guide and decide on what strategy suits your current situation and interests the most.

It's a condo and that can mean owners may have to deal with quirky and sometimes volatile board members for approvals and such, making a sale or lease an arduous task that leads to headaches and regrets (except perhaps for the attorney who brings suit for one party or the other).   

Jumping into self-managed rentals with no experience and/or limited capital is very much a sink-or-swim wager, but that wager becomes a lot less risky a few years down the line with a little more financial leeway and a lot more experience behind you.If you have any questions about the Birmingham market or what we do at Spartan, or just TK in general, I am more than happy to chat via PM.All the best,Clayton

One was classified as SFR- house with "guest quarters" or "mother-in-law" suite in back.

Without any additional information, I would assume that you would be better off selling and purchasing something else with the proceeds that is better suited as a rental.  

Every state is different but most states he would have had to file a notice to owner within a certain time of starting usually 60 or 90days, if you don't owe the money usually you can put up the money or a bond with the clerk of the court to get lien released then he has to file a law suit within usually 30 days for the money or its released back too you.  

For instance, if you're thirsty on a desert, and I'm selling water for $100 a bottle, I bet that is a good value for you, but if you are in a swimming pool full of drinking water fresh out of a spring, probably won't purchase that bottle.  

For example, if one plans to buy and hold real estate, then the LLC is better suited for that person, but if one plans to do something more active (quick flips, wholesaling) then the S Corp is better for them, simply for tax planning and savings purposes.