Additional Considerations✅ Confirm assumption eligibility – Contact the lender directly before paying the arrears.✅ Get everything in writing – Work with a real estate attorney to draft a contract protecting your funds.✅ VA entitlement impact – If you assume the loan, check whether the seller’s VA entitlement is released.Final ThoughtsThis deal has potential, but structuring it correctly is key.

With that said, I've done some research on the market and found the following information helpful in my considerations for Phoenix that you might find helpful as well:  Demand for both buying and renting property remains high due to the city's strong economy and growing population. 

Just because someone has experience doesn't mean that a local meetup would not be helpful.

With your primary residence, things can be pretty straight forward in terms of splitting mortgage interest, real estate taxes etc. on your returns.If you go into a rental property, there are a lot of considerations to think about.

Another consideration is if you are not full-time, consistently, without gaps or missed hours.

I would not give any consideration to a 30yr timeline.

There are more location considerations.

If heating expense is part of your consideration, I would look at the house's insulation, windows etc.

Quote from @Havital Miltz: Normally you would set the LLC in the state where the property is.You have no tax benefits for setting up an LLC, it is more a protection from lawsuits and going after your personal assets, however not a guarantee....As a husband and wife you do not need to set up a partnership - IRS has special considerations for married couples for self employment, you could also apply that for a rental...Hope that helpsA joint venture is available to any 2 people co-owning real estate for investment purpose as tenant in common  under Proc. 2002-22 (unrelated to marriage) but it can't be owned in an LLC together. 

Managing five rentals can eat up a ton of time in any given week, often at times that are inconvenient to you and your personal interests (family, hobbies, travel, etc.).”That’s been my experience, too.