And what would be the things needed and take into account to buy a first rental property?

Rent collection and expenses can be managed through a separate business bank account under the LLC, even if mortgage payments remain personal. 

(Although if you're looking to use this money for real estate in the next 3 years, I would NOT put it in the market.)I'd be putting the additional money into a high yield savings account, and keep my eyes out for a great real estate deal. 

Even small, common mistakes like renting below market, picking the wrong tenants, unwilling/unable to enforce lease terms, slow turnovers, or unscrupulous contractors can cost more than a good PM will charge, and that's before you account for your time and the stress.If you have the personality, I recommend self-management for anyone who lives within 1-2 hours of their investments.

@Natalia DavisHigh yield savings account or CD’s are both paying 5%+ APY.  

Like Adam said, some attorneys like to have estoppels signed to make sure there's no open tenant claims against the landlord, the deposits are accounted for and their rent is accurate and current.

I'd love some input on what to do:I am a 40 yrs with a stock market investments of 350K trying to coast fire in the next couple of years.I just got a green card and moving to the US from Canada and looking at which accounts to invest that money in the US.But I am not sure I will stay in the US in 10 or 20 yrs.What do you think would be the best strategy to coast fire when you are not sure where you are going to be in your later years?

4- of course we'd want to verify it's permitted use per zoning5- Capex will need to be budgeted for a reserve account for tax purposes6- need to get the stage 1 and 2. 7- by subcontractor issues do you mean a mechanics lean on the property?

either before, or just reduce the price to account for the cost and you do them.

Ask your accountant about de minimis safe harbor or safe harbor for small taxpayers.