If you are setting aside funds for capex, taxes, insurance, or other expenses that don't occur monthly, transfer those funds to Savings each month and hold them there until it's time to spend them.

We now live in Arizona and I frequently fly back to the southeast to repair or inspect the properties and already deduct the travel, lodging, and half of the meal expenses from my taxes. 

To navigate the nuance in the laws properly for compliance and to accurately structure our LLC, I am looking to consult with an attorney who knows immigration + business + tax laws. 

I have a followup question - I will realize a lot of capital gain from this home in Idaho, so I think unless I purchase a new primary residence I will have to pay that capital gains tax. 

There are also additional costs of operating and maintaining an LLC, like separate bank accounts, annual report filings, tax filings, etc.2.

could be just like a regular deal, but if you're up for pitching, presenting and educating a seller on the tax and other advantages of seller financing, you just might turn it into a seller finance deal.

The vast majority of contractors won't want to give bids on properties while under contract unless they have a relationship with that person from prior jobs.

At least now your tax basis is $220k ;-)  What was the extent of the repairs?

With a 506B offering you need a prior relationship with a syndicator before they have a deal.

Make sure the previous property management company did their job and communicated a change in management prior to you taking over--along with your contact information.If they have no done this, they should so the tenant doesn't feel like a scam may be going on.Just make sure they're away of where rent payments need to go and who they can contact in the future.