Obtain good liability insurance (some liability coverage can often be included with the landlord or commercial policy).Updating Lease Agreements: If you have tenants in the property, you'll need to update the lease agreements to reflect the new ownership by the LLC.Planning: Assess the overall costs and plan the order to do the items.Finally, while this list covers several points, it is not exhaustive, and the complexity of the real estate and tax laws means there may be other issues and considerations.

Nothing yet but I am mentally preparing for it.

If you can understand that mentality, the gap between the 1% and the 99%, which would you choose?

That is because the herd mentality affects most people and you have instinct to run when the market is down.

If I was in this situation, I would perform a mental opportunity cost analysis. 

Nothing wrong with that - BUT, society has determined that in doing so they may be taking advantage of people who fall into the unknowledgeable, mentally impaired, or incompetent category (no one wants their 90 year old parents taken advantage of ).  

Poverty is a mental condition.

I also have a two-fold mentality, and would love to connect! 

Does it make sense to buy something nicer with a bigger mortgage and exhaust our savings, or go cheaper and have savings left for another house when the time comes to move?

Then once I've mentally cleared of my home owning stress, I could focus on wholesale to accrue funds and go into investment properties then?