ROI and CYA

[Brad Smith]

Recently purchased a student rental literally five houses off campus.  Paid cash because we recently sold a lake house that we weren't using and had purchased it because I wanted to diversify our investments.  Not comfortable with everything in stock market at all plus it was the only way to have a shot at this property!  

The house is old and became available when an elderly lady passed away.  So, there's lots that need to be done before offering this up for lease.  

Since the house is mostly a place to hold funds that won't nose dive tomorrow like the stock market might, I'm looking more at keeping our expenses low in making repairs but am expecting to not make a profit the first 6 -12 months just based on the costs of bringing the house up to where it needs to be. Since I'm not trying to cover the cost of a mortgage, this seems like a simply proposition. Hold property long term and costs above maintenance, taxes and prop mgt company are profit. Am I missing something? Planning to create LLC and hold all revenue in separate account. A simple +/- money in, money out.

Second question (I know two questions on same post is dangerous), what's a good source for covering our bases on the lease contract?  Have read other threads here which were all very informative.  Aside from a lawyer, any place I can go to "read more about it"?

Thanks!