Not everyone starting off gets hit with this, and if you can buy a portfolio it can "de-risk" the issue to some extent, but if you have one property and experience an 8-9 month fight to collect rent prior to eviction with a large repair bill after that it can be very painful.ALWAYS use a licensed PM in Detroit. 

I am using Zillow to collect rent payments. 

You posted the raw data, just go one layer deeper to get to % returns to confirm your purchase price in relation to your expected return/profit/cashflow:$5,500 + $3,000 = $8,500/mo or $102k/yr GOI (gross annual rent collected)Knock off 25% for expenses and you are at $71k/yr or $5.9k/mo NOI on this $1.05M investment or holding this at a 6.8% cap rateWith your 7%, 75% LTV loan, you'd be paying $5k/mo for the loan, leaving you with $900/mo or $10.8k/yr in Cashflow.Now to determine your CoC return (Cash-on-Cash), take the $10.8k in CF and divide it by your equity-in, likely ~$300k, so 3.6% return on your cash/equity in this deal.

I would use a company versed in this process to manage the operations of the LLC and collect the rents/operating costs for the owners. 

I receive foreign income where that country collects taxes and I need to report this information on my taxes to have the credit apply

This why the lender told you to get a Capital One Secured card.For optimal scoring, you want to carry a balance on just credit card at 9% of the limit.

The singer’s collection of wines comes to stores next month with a peaches/cream chardonnay (food dive).Bonus - A Nashville native broke the 100M butterfly world record at the U.S.

I have a STR property that is in a FL land trust and I set up an LLC to property manage this property (collect rents, etc).  

I think in Indiana if you want to collect any damages over $1,500 you will need to get a lawyer.

I look forward to engaging with this wonderful community and learning from your collective wisdom.Best regards,Daniel Ramirez