The interesting thing is that an LLC is normally meant to hold 'business assets'.However, a house-hack is both a personal property and a business asset.Therefore, the question then is, is there any protection being given to you.The next is, if the LLC is jointly owned, is there a partnership return due, which is normally due March 15 of every year.

I like approaching investors or realtors with a property in hand to provide value right away, and even if that one in particular doesn't work with them, they will most likely want to be kept in the loop for the next one.Networking events are another great way of connecting with investors in your area.

Thanks.Previous responses provided some technical details, but I want to quickly paint the big picture.1.

Hey Hakim, Sure thing, one of the main things to understand is that you have to know how ready are you to purchase the business/property, and you do that by providing all your financials to see if you have enough capital and reserves.

Ideally, properties should have separate entrances for the main living area and the ADU, providing privacy.Kitchen and bathroom facilities should be easily modified or expanded to accommodate both the main residence and rental space.

if you're looking at 1-4 unit properties, don't kill yourself trying to create an LLC just yet. find your lender first then see if they'll require you to close in an LLC or not. single-member LLCs do not provide as much legal protection as we would like to think, so if that's your reasoning for wanting to create one right off the bat, that's just something to consider. as far as a business license, AFTER you close on the property, call the town hall and ask if they want you to have one there bc you're collecting rent there. if you're using a PM company, they will probably say no. :)

It would be greatly appreciated if anyone could provide any advice on the best steps to take and your own experiences when starting out.  

@Russell Brazil, thank you for providing the information and contact for a local Baltimore bank!

It's a lot less risky than fix & flip and provides great cash flow.

I know the McDonalds quip is sarcasm, but is your opinion that holding the rental in an LLC in order to protect other personal assets is not worth the cost or hassle?