Don't forget property tax implications to a possible change in ownership as well, and whether formation of an LLC as a rental can help with property tax savings or not. 

My mortgage will be $2,005/month, and I’m budgeting up to $600/month for utilities, leaving a potential monthly cash flow of $995.I also set up an LLC and a business account to track rental income and expenses.Questions:Do you have any advice for me as a young real estate investor?

The former owner (LLC) was rather lacking on upkeep of the units.

Do you have a 501c3 that you operate under (and rent the house from yourself), or do you purchase homes with an LLC or personal name, and run as a regular business? 

We create a new joint LLC for each investment, and each participant gets listed as an owner of the joint LLC. 

If you are going to finance your rehab then use a LLC to purchase and a rehab lender for financing. 

Currently, this past 2 weeks I've been doing his and Pace's creative fiance series and when I tell you these people are just truly a blessing to the industry it's almost hard to put my gratification into words.

Each project is a separate LLC legal entity and is independent of the others.

I'm guessing though that since the IRA owner isn't allowed to take out a salary, perhaps the SDIRA LLC will be required to hire employees? 

For added liability protection, consider setting up an LLC for the rental, though this may have limited impact if the mortgage is in your name.This post does not create a CPA-Client relationship.