You will need to get with some local lenders in order to find out what loans you have as a choice.4.

I'm in the process of my first large renovation (beyond cosmetic), and I'm feeling a bit overwhelmed by all the choices & decisions that need to be made.

I'm not open to the South as I'll (potentially) be living on one side of the  Duplex while renting out the other side. 1st Choice would be IL. 

I imagine a contract between you and the owner that outlines the responsibilities of each party and the fees associated with the service he is providing would be sufficient. 

I do all of my initial underwriting using 10% to make sure the deal will still cash flow sufficiently when I decide it no longer makes sense to self-manage.Turnover costs: ~$500/unit/yearOwner paid utilities: ~$50/monthCurrent monthly income: $1,590 (lower unit rent has been steady since mid 2020, so there is room to grow there)Projected CoC return: 15.3% (my minimum when analyzing properties is 10%)Investors often say the first deal is, in many ways, the hardest.

Still, the main goal of my investing and that of my mentoring clients is cash flow to generate a passive income flow that ultimately leads to reaching the Time Freedom Point at which one has the choice to exchange time for money (JOB) or live your passion regardless if it makes any money.In 2022 we have all seen the FED increasing interest rates and along with it, mortgage interest rates have gone up a lot.I wonder what the BP community thinks about the future of interest rates, especially for financing our residential property investments and what you would do or accept regarding cash flow.

I checked with my attorney if the LLC is sufficient and why bother with the personal endorsement and umbrella.

But when you move out, hopefully you have sufficient reserves or you aren't leveraged across other properties. 

We always believed in having sufficient money so we could make it through any down turn that came along, without having to sell any properties. 

That would greatly reduce the amount of data I need to input, but I'm not sure if it would be sufficient for tax purposes, or from a general business record-keeping perspective.Any help on this would be appreciated.