One of the important parts of a good deal is the estimated renovation costs and there are still repairs even with a "turnkey" (move in ready house) - I learned that quickly.  

When you say out of state, are you moving to the new state?

The low interest rate on the property has been holding me back from refinancing but a great opportunity has come up and I want to move the equity to the new project.

This is roughly the message I send to my tenant 60 days before lease renewal:Dear tenant, Insert nice words....Your lease is expiring on [date]You have the following options:Renew your lease for 12 month at [rate] (If market rate is $100 higher I tend to increase something, if market rate is $200 higher I use (current rate + market rate)/2 for the new rate, if market rate is same or lower I would keep it the same rate)Move to a month-to-month lease at [rate x 1.25]Vacate from the premise on or before [lease end date]Please let me know by [deadline].

About a months rent would be covered by the deposit they wont get back when they move out.

You could just move out and rent the entire property.

As I was preparing my taxes, my tax professional advised me that management LLC is redundancy and it doesn't make sense to have, it's like moving my money from one pocket to the other.

This strategic move paid off handsomely as we were able to command higher rents than initially projected.Here are the key financial details of the deal:Purchase Price: $270,000 (jointly with a partner)Financing: Obtained a commercial bank loan with a 30% down payment, 7% interest rate, and a 20-year amortization period.Initial Rents: $1050 and $1250Current Rents: $1400 and pre-leasing for $1500 (making it a 1% rule deal!)

(Which also cost more than you think now.)If you have 8-10% of the property’s cost try to buy it as a primary with 3.5% down and move in while you rehab it.

I am planning to get a cashout refi, which I believe I need to move it solely into my name first, but there is also a prepayment penalty attached to the loan for the first 3 years.