Splitting income and expenses might be deemed a general partnership and necessitate a 1065 obligation.Won't matter after you're married....I imagine you are the only person on the insurance policy, on the mortgage note, and on the county tax assessment as well as the title.... 

That's why I'm trying to understand condo conversion, which by my understanding doesn't necessitate the splitting of the lot/land.

The majority of small landlord and small business owners I know that do have an LLC, co-mingle their LLC and personal accounts (credit cards, utilities, etc.) so much that a judge would not hesitate to allow the veil of an LLC be pierced.I have also witnessed evictions halted because the tenant pointed out to the court that landlord held the unit in an LLC, necessitating the hiring of a lawyer.I personally would not feel it is necessary for a small portfolio.

Except that this foreclosure of the first would necessitate a public sale at which the bidding for a $500k house needing virtually no repairs would go much higher than $300k.

Keeping the house in CT. while moving to another part of the country would necessitate a property manager. 

Essentially, does a PM company necessitate a license, regardless of whether you refuse to take on properties belonging to landlord other than yourself?

If you’re looking to employ the BRRRR strategy, I would definitely recommend targeting single family homes over townhomes.The BRRRR strategy necessitates adding quite a bit of value in this market, which is much harder to do with a townhome due to your renovations being more or less limited to primarily cosmetic interior improvements.The HOA fees that come with townhome ownership eat directly in to your returns as well,  which will hurt you when you reach the last “R” of the acronym - repeat. 

Sellers in this situation include: Homeowners who have had difficulty selling on their ownHomeowners with financial difficulties like pending foreclosure that necessitate a quick dealLandlords ready to part with assets in disrepairLenders with too many foreclosure properties on their booksRegardless of how you find them, the key is the profit potential.

thinking outside the envelop...I wonder if its big enough $$$ to justify forming a solo-401(k) or SDIRA.Then throw it in as a contribution then deal in RE.The Solo 401(k) would necessitate an S-corp for RE to qualify for single employee status.All depends on the cash involved & the REI you plan on doing.

The double walls are fine, although fishing electrical through 1-2 feet of (again) collapsed plaster at the bottom can necessitate cutting holes in the wall - you can't poke anything through that stuff.Anyway, that's been my experience - good luck!