Every single part of this could have been avoided if you did even a little due diligence of your own.

I have been told LLC under 1 name as a single member LLC is less complex and less expensive etc preparation wise.

I think its the single best way to start.

@Nathan Gesner what is the benefit of the double deposit rather than collecting last month's rent + a single deposit? 

I'm beginning to take interest in buying a single family rental or a small multi-family as a preferred strategy. 

Hey @Scott Meech - Check out your competition with furnished finder that is where a lot of Medium Turn rentals list their properties.I have a MTR in Chicago that has been decently successful...whatever I have found throughout my entire life and investing career is it is never one property/deal that is a grand slam...Rather, the grand slam is done by hitting many singles and using systems and processes to scale your operation; the combination of scaling and experience in a niche of real estate allows you to hit unlimited grand slams because, unlike baseball, real estate is NOT a zero-sum game.

I see it also with our single family rental properties, sometimes we refi a package and they are all finished to the same standard, they are very similar, sometimes on the same street. 

In addition even with a lower down payment you should be paying significantly less per month even with PMI then you would if you moved into a single family house that you where fronting the entire bill for.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $350,000

Cash invested: $150,000

Purchased as buy and hold rental. Expanding from 4 bedrooms/3 bathrooms to 6 bedro...

I'm not a lawyer or expert on deal structuring but what we see the most common is a single GP (general partner) and a number of LP's (limited partners).