We got started by investing in a personal residence and renting it out when my husband was transfered.

transfer tax5k conventional financing closing costs (to cash original owner out)It looks like you'll squeak under the 1% rule.  

When he was transferred we rented it out.

"It's tough to make predictions, especially about the future" - Yogi BerraThere is NO reliable source for what any of these numbers are going to do in the future. 

We than gutted it and rented it out when we were transferred.  

We got started in buy and hold through owning personal properties and renting them out when we were transferred as my husband is active duty military.

These are assumptions, but the holding costs (taxes, insurance, utilities, financing if applicable) over the next few months combined with the selling cost (commissions, transfer tax, seller assist if you're selling to FHA buyer in a lot of cases) you're looking at about 85% of your ARV left. $90k x .85 = $76,500 - less repairs $25k= $51,000 - less acquisition $40k= $11k net profit.Consider the remaining profit you'll receive once this profit is split between partners and after taxes.I'm working on a similar deal right now and thinking that I will rent it out since the profit margin is only around $10k. 

When it transfers, the obligation also transfers. 

Since my husband has a transient career, active duty military we got started in personal properties and would rent them out when we were transferred.

You can always transfer title to a LLC later but you could trigger the due on sale clause and will really have no asset protection since the note is in your name.