Unless you have a clause in the purchase of the entity that clearly makes you responsible for the entity from the day that you buy it(Indemnification) I wouldn't bother with the LLC.Good luck man. all the best!

Quote from @Trevor McCormick: Hi All, looking for some advise or mentoring on purchasing a short term rental property in Kissimmee Florida.1)Is it still a good investment with the current prices?

Is it common to purchase a home with other debt?

Evicting them, even after purchase, could be a lengthy and costly legal process.

@Shannon VistisenI would definitely purchase it and do it yourself. 

You can purchase this with a low-money-down FHA loan. 

Phoenix contains a rare combination of elements that have created an outstanding market for distressed property investments, including the following:Cost Savings: Distressed properties are sold below their market value and enable investors to take hold of properties at a trifle compared to traditionally listed properties.Strong Market Fundamentals: Being among the fastest-growing cities in the country, Phoenix ensures a high demand in housing and rentals, hence good potential for resale or income from rentals.Value Creation Opportunities: Most distressed properties need renovations; thus, such situations present opportunities for investors to increase equity by adding value.Population and Economic Growth: Phoenix remains among those cities in the country which are attracting more and more residents and business; therefore, this presents good, long-term appreciation possibilities of property appreciation and income creation.Challenges to ConsiderWhile the rewards can be great, distressed property investment is not without its challenges.

Do honest math on a purchase and you'll see.The benefits of real estate are... all of them together. 

It's important to stay informed about developments in the areas you're considering, as well as any potential changes in regulations or economic conditions.

I understand where you are coming from as we always did our taxes on turbo tax as well until we purchased rental properties.