She is in the process of getting her real-estate license, would she be able to serve as the real-estate agent for our transaction?

@Angie Castro Looks like a great deal that served you well!

Then do the research on the real estate market they serve. 

I am just starting my REI journey so I cannot speak from personal experience on what I have done, but I used to practice corporate law and a LLC definitely serves a purpose.One thing I have not seen mentioned (though I might have missed it) is that you have to be careful not to co-mingle personal assets and you must treat the LLC as a truly separate entity.

The Self-Directed IRA and Solo 401k DifferencesIn order to open a solo 401k, self-employment, whether on a part-time or full-time basis, is required;To open a self-directed IRA, self-employment income is not required;In order to gain IRA checkbook control over the self-directed IRA funds, a limited liability company (IRA LLC)  must be utilized;The solo 401k allows for checkbook control from the onset;The solo 401k allows for personal loan known as a solo 401k loan;It is prohibited to borrow from your IRA;The Solo 401k may be invested in life insurance;The self-directed IRA may not be invested in life insurance;The solo 401k allow for high contribution amounts (for 2016, the solo 401k contribution limit is $53,000, whereas the self-directed IRA contribution limit is $5,500);The solo 401k business owner can serve as trustee of the solo 401k;The self-directed IRA participant/owner may not serve as trustee or custodian of her IRA; instead, a trust company or bank institution is required;When distributions commence from the solo 401k a mandatory 20% of federal taxes must be withheld from each distribution and submitted electronically to the IRS by the 15th of the month following the date of each distribution;Rollovers and/or transfers from IRAs or qualified plans (e.g., former employer 401k) to a solo 401k are not reported on Form 5498, but rather on Form 5500-EZ, but only if the air market value of the solo 401k exceeds $250K as of the end of the plan year (generally 12/31);When funds are rolled over or transferred from an IRA or 401k to a self-directed IRA, the amount deposited into the self-directed IRA is reported on Form 5498 by the receiving self-directed IRA custodian by May of the year following the rollover/transfer.Rollovers (provided the 60 day rollover window is satisfied) from an IRA to a Solo 401k or self-directed IRA are reported on lines 15a and 15b of Form 1040;Pre-tax IRA contributions on reported on line 32 of Form 1040;Pre-tax solo 401k contributions are reported on line 28 of Form 1040;Roth solo 401k funds are subject to RMDs;A Roth 401k may be transferred to a Roth IRA (Note that from a planning perspective, it may be advantageous to transfer Roth Solo 401k funds to a Roth IRA before turning age 70 ½ in order to escape the Roth RMD requirement applicable to Roth 401k contributions including Roth Solo 401k contributions and earnings.)

Quote from @Nicholas L.: @Jane KimWow, everyone is really encouraging aggressive plays here.Assuming this is your first purchase, I would wait until you close, move in, and start getting rental income from the hack before doing anything else...

Quote from @Nicholas L.: @Sage Weisscan you share more about your goals? 

They do not raise rent due to fear the tenant may be upset or leave, they do not serve pay or quit notices for fear the tenant may leave or be upset, they do not evict out of fear the tenant may retaliate. 

Its not mailbox money but if you are willing to do the work there are plenty of markets that are under-served (despite the myth that the whole industry is overbuilt: bear in mind that this business is one that markets to a 3-5 mile radius so a market that is overbuilt could be as little as 10-20 miles from a market that is grossly under-served).

In my lease agreement it states not to leave the door as to not let the cat out.Am I legally allowed to serve her a 3 day notice to quit for breaking multiple rules (right to quiet enjoyment, not locking the door, not leaving the door open to not let the cat out, not wearing shoes in the house)  within the first week?