Even with minor paint touch up, perhaps a carpet that needs to be replaced, not all over the house, just in the high traffic areas, or maybe carpet is good but one of the bedroom doors needs to be replaced, you get the idea.

My thought process then is to create an LLC for the property, open a bank account for the LLC where rent will be collected and any expenses(repairs & renovations etc) will come out of.I understand that no one will directly give me legal advice on here, but just in general any feedback would be greatly appreciated!

just in case to have in the future if they ever wanted to start investing in real estate

If you venture into the area, I'd be sure to get appropriate insurance coverage (i.e. wind, flood, etc.) just in case it happens again! 

I'm currently contesting the results of the appraisal and I'm waiting to hear their response, but I want to make sure that I have a contingency plan lined up just in case things turn sour. 

I am still focused on being my own boss and putting in the incredibly hard work of being a successful real estate investor in the buy and hold philosophy.If there is any advice, or wise words that you'd like to impart on me as a beginner here in Knoxville, TN or just in general, I would very much appreciate it!

But I posted this just in case I don't hear back.I'm looking for someone to produce a Broker Price Opinion at a reasonable fee.

But anyone with cash always has somewhere they could put it, even if its just in the bank.You need to have a proven track record of similar projects. 

We work at eliminating not encouraging-If they call we say 'I think it may be rented but just in case I'll take your number'.

Thank you,Justin