. $25k sounds like a lot, but when you install new roofs, HVAC systems, hot water tanks, ceramic tile, new supply lines to angle stop valves, vinyl plank flooring in high traffic areas, carpet in bedrooms, faucets, fixtures, electrical panel updates, etc. it really is not that much and important if you plan on a long term hold.

I also plan on having the flooring redone from ceramic tile to laminate floors.First off, what are some important questions that I should ask the contractor my friend recommended?

I was discussing with a friend today the potential of incorporating heat and hotwater as a profit generation source.  

I am assuming this LLC is not being formed from funds from a Self Directed IRA, which requires a special Operating Agreement and there are specialist for this.There are pros and cons of incorporating in PA.

They may possibly lend to a local multi member LLC , or some other form of incorporation. 

They may assume you're a knowledgeable buyer who's looked at the property and incorporated the condition into your offer. 

Are those costs incorporated into the projections on your spreadsheet?

@Tina DaughtryJust FYI, the LLC does not need to be incorporated in the same state you are operating.

have went to ceramic tile everyplace but bedrooms and carpet in bedrooms. will see how this works. 

The seller's wishes should have been incorporated into the contract.