I was waiting until I have a more thorough analysis, but I've been busy this weekend/week with moving. 

Just get a thorough inspection from a trusted inspector.

Ensure that the commercial rental insurance policy includes coverage for the company's stay in the property.Include Legal Language: The lease amendment should clearly state the terms and conditions of the arrangement, including responsibilities for maintenance, utilities, and any other pertinent details.Seek Legal Advice: Consider consulting with a local attorney specializing in real estate to ensure compliance with Arkansas rental laws and to draft the lease amendment accurately.Document Everything: Keep thorough records of all communications, amendments, and agreements between you, the company, and Avail for future reference.Good luck!!

Keep things simple with one list and check the property thoroughly when tenants move in and out, documenting any issues.

Sounds like a good time to read your contract(s) thoroughly to see if there is more than just that one line and talk with an attorney to see what your options are.Best of luck!

Very thorough suggestions from Nathan Geisler on finding and vetting a PM.

Thorough research on the Lafayette market, including rental trends, neighborhood analysis, and renovation costs, is crucial.

Obviously, I don't know anything about your finances, so for all I know, you may have a few million in the bank, and this project is just a fun experiment that wouldn't even be a drop in the bucket if it all turns south...but, regardless, you'll want to model out what would happen if this project crashes and burns...As you may know, managing a rental in a D to F area (or even a C area) is usually not recommended (for many reasons), and funding a rehab with credit cards is also usually not recommended (again, for many reasons). ...even highly experienced investors often won't touch anything lower than C grade because of all the difficulties of managing and re-selling them...If you're dead set on rehabbing the place and keeping it, I'd strongly suggest studying up thoroughly on the local rental market and tenant pool (e.g.; rent medians and lower and upper bounds, typical days on market before securing a tenant, local vacancy rates, tenants' typical income, education level, employment opportunities, credit, and rental history).

You may estimate the expenses of renovation for a single-family home (SFH) or duplex by following these procedures and tips:Make sure you inspect the property thoroughly.

That's all you are doing with your contemplated entity structure as they will be more inclined to want to see what's hidden leading to an even more thorough and invasive discovery process.