It's a simple one page filing with an Articles of Organization and a small fee.Of course, depending on what you're using the LLC for, the Operating Agreement, bookkeeping, etc, could get expensive.

Note, you could run several businesses from one LLC (flipping and lending, in this example) and account for all income and expenses from one checking account.There are many bookkeepers that specialize in QuickBooks who could help you set this up and show you how to use it.

We also bought this property because of the adjoining parcels that we own and the potential future development opportunity we have in owning both parcels.That being said, I do believe this is a temporary rather than permanent issue and I would initially prefer to try to work something out with the tenant, rather than try to get them out.Regarding the % sales model, have you seen this work well with mom and pop tenants in a cash heavy business and self-proclaimed bookkeeping?

Tenants pay rent online, electronic signed leases, online applications (I still use Zillow for listing properties because I get better results) it’s my book keeping and it links with another site for sending out 1099’s.

You should have an escrow account, required by law or not, IMO for security deposits and only funds held in trust, nothing else.You need an operating account, if your bookkeeping is up to snuff, you only need one.

Do they provide accounting and bookkeeping, monthly statements, direct deposits to your account? 

The bookkeeping on that kinda thing is a nightmare.

They are out of Chesapeake TIDEWATER ACCOUNTING AND BOOKKEEPING SERVICESTax Preparation Service • Greenbrier West609 Independence Pkwy #120, Chesapeake, VA 23320(757) 436-3150I use Ruth and Sandy and highly recommend them!

Partner brings the financing and book keeping. 

Enlist the help of an experienced bookkeeper or accountant.