You are allowed control over who pays what costs through control panels within the program… so you can control who pays the fee to screen a tenant and how much you charge for that service as well.  

Its a very costly mistake to get wrong! 

I'm a fan of the consistent, not checking which way the wind is blowing, dollar cost average investor that keeps buying every year or two.

So transferring properties with existing mortgages into an LLC without selling them to the LLC is a common strategy for most real estate investors seeking to protect personal assets and possibly enjoy certain tax benefits.

The seller says I can just deduct the repair cost from the tenant security deposit. 

Here are some key points to consider:Accessibility: Residential properties are often more accessible to individual investors, especially those starting out with smaller capital.Tenant Stability: While turnover can occur, residential leases tend to have shorter terms, offering more flexibility if you want to adjust rents or change tenants.Market Liquidity: Generally, residential properties are easier to buy and sell due to higher demand from individual homebuyers and investors alike.Emotional Appeal: Homes and apartments can have a strong emotional appeal to buyers and renters, which can influence demand and pricing stability.Purchasing: Residential real estate will require a down payment of at least 10% of the purchase price. 

Would love to connect with someone familiar with the area to learn about the market as well as costs of renting beach properties. 

Negotiate price, closing costs, and repairs, conduct inspections, and perform a final walkthrough.

Buy out the properties mortgages and sell it for a loss and try to minimize the total loss?

The Plan is to come up with $400k for the down payment and for that I'll need to sell about 3 of my rentals. 2 of them are single family with a ton of upside, so I don't foresee any issues selling them.