Some investors will wait until they have several properties before forming an LLC but it's often beneficial to set one up early especially with your first property.

I'll let others chime in on their experiences, but from a motivational perspective, I think attending live events and getting the "conference high" is something that only happens through in-person connections and being in the same room with investors who are eagerly pursuing their real estate/financial goals. 

I want to stop being pennywise pound foolish and get things set up properly. 

But everyone has their own unique financial situation, financial goals and risk tolerance.

My goal is to create financial security for retirement.

We set the purchase price at about 10% higher than todays value and we don't have to pay for realtor fees or closing costs when we go to sell the property.

Moreover, it allows you to set the terms of the lease agreement according to your preferences, which can help prevent misunderstandings and disputes in the future. 

That's a terrible idea.He should either install a smart thermostat that allows him to set limits, or he should remove her from the property.

I'm new to real estate investing, but have thrown myself into learning as much as I can by joining a Veteran based investment community, have been working with my realtor and looking daily for potential multi family properties in the Dallas area for house hacking, which I've set myself an deadline to be completed by May.

So start with the goal.