Now I need to find a real estate agent(I am "interviewing" a couple now), an accountant to speak to and of Course a lender.

If you think you'll hand it off to your PM to run and take the great amount of passive income as your great reward, there is so much more to it.  

You need two years of steady income before you can qualify for a loan.

My goal is to have passive income!

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

Oh....you can also pay off the mortgage even faster with your ample income or soon to be ample income.  3-5 year payoff time is definitely possible. 

@Anita Z.I recommend finding an accountant who specializes in real estate taxation, tax planning and financial planning.

@Jayna Stevens The refinance would occur once the rehab is completed and the unit is rented out this way it's an income producing property.

If your new LLC is a disregarded entity (single-member or owned solely by you and your spouse in a community property state), it won’t trigger a taxable event, and you’ll continue reporting income on your personal return.

Anyone have any experience with placing a flat billboard on the side of a building in Philadelphia? If so, can you send me DM. Thank you