, and arrive to NOI.

From there you can arrive at a price.

If you don't have all of that in order, you are better off keeping what you have for a deposit and be glad she is gone.Once you have the judgement/execution for the back rent (and security deposit money if you go after it) you can sue in small claims court and petition the court to garnish the tenants wages.

Nine of which are vacation rentals in which no one but I, handle all aspects for renting, collection of rents, reservations, contact after they arrive, etc.....

The 12% can be just as passive as your offered 8%, because those "2% Rule" followers have already allowed for cap ex, vacancy, property management and so on to arrive at their net 12% return.

But in the beginning, I'm going to have checks arriving made out to me (personally) and checks arriving made out to my LLC.I'm worried that if one day I get sued for God-Knows-What, some attorney will say "Look at this guy, he was receiving checks made out to himself personally even though his LLC was already formed."

When you buy a new policy and that little booklet on very thin paper arrives, read it.  

If your physical vacancy is 12.5%, your economic vacancy will be greater, perhaps even double depending on the tenant population, the neighbourhood and the rate of decline of the business.You need to understand the customer, and how the business arrived in its present state, before you can determine whether the pay-back on 50K of CapEx - not to mention the initial purchase - is sufficient.As others have posted here, it sounds like the Vendor has milked all of the equity out of the building - leaving the building with significant deferred maintenance; perhaps even obsolete.  

There should be a document titled Petition for Probate in the file.

A litter bit late I arrived!