Some people prefer the much more "informal" letter of intent (LOI) and some just write it up on a purchase and sale agreement and submit that as an offer. 

For the same reason you put your old Schwinn bike up on Craigslist for sale on the cheap. 

Common real estate statistics like median home price, Average Days on Market, annual change in home value, # sales, # listings, etc.Which statistics can provide clues to how much inventory of distressed (off-market) deals there will be? 

You accountant should know how much equity you have in the property and can help guide you but you can do the following:1)  Sell and do a 1031 exchange to delay any gains tax.2)  Sell on land contract to an owner occupant- they would be responsible for maintenance (Maybe include a home warranty with the sale) and you no longer have to pay a property manager. 

Get into AM Way sales? 

If it's not a competitive market, check out recent sales, and see if there is a big discount for cash buyers, if it's significant, that'd make me  change my plan.     

@Avery Mshawn Since its less than 5 units, the property is valued by the comparable sale method so the most accurate way to get a value are, in order: 1.

State law requires your LLC to register with this agency upon formation for state tax purposes if your LLC will have employees, will sell goods, or will collect sales tax.[25] You can do this online using the Department of Revenue's website."

a new way I am finding contractors is actually through FB Marketplace. go to your local buy/sale pages and you'll usually find a few contractors posting their work. offer to take them out for beers (on you of course) and let them know what you're looking for and if they can help.

I see many 2 bed/2 bath for sale that have an additional over 10x10 "study room" or "den".