I don't think that you use an LLC unless you are building a business to attract investors and that is a more complicated structure with more costs involved and I think you only do that when you have a lot of success under your belt and know how to deploy hundreds of thousands of dollars to millions of dollars with outside investors' money. 

A lady is wanting to sell her property and I have been contacted by someone who is interested.

If this house was in my area I would definitely rent it, if it attracts quality tenants.

Dallas has a powerhouse economy beating national job growth by around 100bps, population growth is around 3 times the national average, it is a business friendly environment that attracts real talent, and it is a pretty affordable market relative to other similar locations in the nation. 

It was an older lady who owned the house so I don't think she ever went through the trouble of fixing anything cosmetic. 

Vacant properties only attract trouble.- Offer an 18 month rent program where the first 9 months rent is a lower dollar amount.

The old lady let us in.

Now the rental reference the tenant gave on the application the lady's name was that of the man who owns the house wife who also gave yet another amount they pay for rent at their current residence. 

I was home for an annual family get together, and was asked to help the lady down the street move her things because she had recently sold her home.

Until you have your own success with investing it is highly unliley you will attract any partnership.