The vast majority of states also leverage figures on a federal return as a starting point to define taxable income, making adjustments to those figures to arrive at the portions of income that are taxable for state tax purposes. 

All-in-all the amount of the loan shouldn't be substantial enough to the point where I wouldn't be able to cover it out of pocket anyways if need be, just want to make sure that I'm not missing anything.Does it sound like I have the situation figured out or is there something I might be missing?

@Tanner Sortillo Recommend they first figure out the property Class they want to invest in, THEN figure out the corresponding location to invest in.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.So, when investing in areas they don’t really know, investors should research the different property Class submarkets.

@Joshua DunlapRecommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a Class A property in Class D area, what quality of tenant will you get?

See if you can get a positive result on this deal as quickly as possible and then figure out the mistakes and next steps.  

Just make sure to check with your lender because every lender is different.As for your second question, even though your property may be owned by an LLC, anyone can still figure out who the actual owner is.

But as always, consult an attorney.I figured that were the case.

When that happens sometimes you can figure out creative ways to make them work that others don’t see.

I started doing a little research and saw that Doorloop was a highly rated app, and has a ton of features like tenants ability to submit work orders for issues, collect rent with late payments automatically figured in upon payment, talk back and forth with your tenants, send out messages/notices to one or all tenants at once, sync with quickbooks, etc.

You'll need to speak with an Estate Planning attorney to figure out possible protections.