It does not need to be a local LLC many people use Delaware to set up LLC's and incorporate companies because the laws are friendly.

FWIW, my wife worked 20 years in corporate Finance at a Fortune 50 company and is totally on board with this idea.

Those will then need to be incorporated into your bookkeeping system, along with your bank statements, cc statements, mortgage statements, etc.QuickBooks Online is where I would look with your situation.

Pictures below.If we decide to rent the property, do we incorporate this into the entire rental price of the property?

Or could her tenancy be incorporated as a condition of the sale? 

Now I would do a more in depth analysis that takes into account actual financials, incorporating your business model, including all line items, etc. 

And you will have articles of incorporation guiding the company and setting out the ownership and directors of the corporation. 

Hey Andrew,I have created a numbers spreadsheet that does some general quick and dirty analysis of the overall investment that incorporates features of the Four-Square Method.

We purchased and hold the property in our LP so I am assuming our EIN, articles of incorporation, copy of the lease, rent roll will be required.

Meaning that if an area is incorporated it is then referred to as a city with its own local gov officials.