I do try to finance the property later as the LOC usually has a higher interest rate.

A quick background check on experience and finances, plus a written plan that spells out roles, helps prevent misunderstandings later.

Jobs that are bankrupt and need money and some of your money will go to their problems cause they say they'll just take on new deposits and replace your money later. 

That can save a lot of stress and surprises later.

Would be hard to remember all the repairs done over life of building, I see how this can create problems later on.

You’ll also want to let your CPA know, since how you treat the transfer (as a sale vs. a disregarded transfer) can vary depending on how the LLCs are structured (single-member, disregarded, partnership, etc.).You did the right thing by moving it into the holding LLC once you decided to keep it — that’s a good habit for scaling later.

You can always adjust structure later as you grow.From a tax perspective, learn how each type of investment interacts with your current income so you can plan ahead.

I figured I’d “get to it later.”The day after closing, the former owner broke in and set a small fire out of anger.

I’ve also been analyzing multifamily deals with fewer than 5 units, potential single-family short-term rentals, and studying a few different markets to see where opportunities might make sense.I really want to use this time wisely instead of playing catch-up later, so what else can I do to prepare myself for that first deal?

Since this post didn't get any replies, I'm going to reply with what I ended up doing incase it helps anyone else later.