Please be gentle; I'm new at this and it's pretty complex :)Structure / Legal Details- we'd establish market value through a combination of comps from local real estate agent and an appraisal- attorney would establish all required "arms length" aspects including a mortgage at a minimum standard federal rate- LLC would pay us back based on a standard promissory note over 30 yrs Pros of selling to the LLC (I think)- A sale now would be the only time we'd be able to take advantage of the cap gains exclusion on this house bc we won't qualify for the "live there 3 of 5 years" rule due to the timing of our lease and our last time of residence. 

After hurricane Beryl hit, many were left without power for an extended period and I really would like to put my eggs into different basket/market if possible.I see that you’re a real estate broker in Texas yourself.

Pittsburgh is a great market to get started investing in.

At 4.5 stars, you are really hurting in a very competitive market so you might consider redoing the pics, more themed kids bedrooms and start over.

Was having a fun, purely academic conversation with someone and somehow the topic went from the stock market, ETF's, to real estate, to BRRR's and either he or I or both us came up with this and wondered is this a legit strategy that others have used?

@Greg Devlin - in addition to Scott's advice, have you considered a 1031 exchange to reduce your capital gains? 

Property is a 3bed, 2ba SFH (Cedar Rapids, IA) listed for $96k (was purchased in March '24 for $90k...looking into that)Market rent is $1,300 (could nudge up $50 maybe).

He said contacting the lender is critical because the sale can only go through if they permit it  And they may have additional fees. 

Additionally, I think that your $15k is a little slim in today's market.

In my market having a washer and dryer in the building or even better in the unit is worth $100+ per month in rent.