@Nathan Oberle , Actually, I think it is very wise to have to entities for what @Rhett Z Begley is trying to do. 

@James Wise Oh man, that is horrible, I can only imagine the smell.

It depends on the bank @Yash Bajpai , probably a local bank which is all over the state will be better then very small/ family owned bank type. this are much stricter and often just want to work with Local state residents with some track record. you could contact a local mortgage broker that could shop for you.And, if you are planing to buy in this state it is wise to open a checking or saving bank account with one of the local banks.

My main concern is that I will be making about $350,000 profit on sale and not sure how the transferring to an LLC will affect me tax wise.

Is this a wise first investment? 

It seems wise to get a house or two first under my belt but I cant help it.

Those still might not be allowed with HANO, I've been trying to check on that.Any other ideas, wise folks from BP?

Roofing, siding and HVAC problems are pretty predictable cost wise.

I would think if you have tenants that you keep it would be wise to talk to them about it, communicate it and see how you go. 

Numbers-wise, it doesn't really make sense but it is an area where you can count on long-term appreciation, just not sure it's worth the headache.