You hire the tenant to do work with a written agreement that spells out exactly what he will do, when it should be done, and how much you will compensate him once it's finished.I've seen owners create agreements like yours, thinking it will save them a few hundred.

Meaning that in an llc you need to spell out the terms on how it can dissolve if one party wants out, one party dies, divorces, etc.

*Edit* a few spelling mistakes

I had so far good relationships and experience working with Joseph Spell fro.

I believe it is important to spell out your lease to say that the tenants cant smoke inside, or allow the property to smell of smoke.

I hope you are getting written letters of indemnification from the seller and the tenants that is spelling out everything you just stated (amount of rent, when due, if there are security deposits, last months rent etc).

The leases / estoppels should not only spell out rent amounts but also who is responsible for what (i.e. insurance) and what sort of items (i.e. appliances) came with the property. 

Depending on the city, they contractor should also be licensed or registered with the city where the work is being performed.Get a contract in place - you want everything spelled out so there is no missunderstanding.

You place the property in an LLC with operating agreement spelling out allocation of depreciation.  

In many places, an LLC works, with the operating agreement spelling out everyone's rights and responsibilities and how profits are split.But really, you need to contact a lawyer in your state.