An ignorant person lacks knowledge or awareness.

Or can you still run everything through your personal return (just want to make sure that I can deduct things such as HOA fees which I can do if it is a rental).2) If I do decide to run everything thru my personal tax return (save on LLC fees), should I at the least set up a separate bank account to track costs separately?

For us (in Las Vegas), it is common to have $200 to $300 in unplanned expenses on a ~$20,000 job.It will take longer than expected.CRITICAL - Unless you have a local person with construction experience to walk the property at least every other day, the job will take longer, cost more, and have poorer quality.If you have questions, please post them, and I will try to answer them.

Are you buying the property in your personal name or LLC?

Hard to say one way or another without knowing your personal finances, goals etc., but it seems like a good deal. 

But these are just my personal experiences.

I really appreciate any advice or personal stories you can share.

Then I have still have to pay the person who was acting as a host even though no one came. 

I personally want to learn from those with experience.

I have a friend that owns over 60 rentals in his personal name and he's never been sued.