I am excited that I am finally preparing to purchase my first investment property!

You should make sure that in the worst case scenario (no rooms rented out), that you will be able to afford the mortgage.Even though it's unlikely all the rooms will be vacant, its equally unlikely that all rooms will be rented out for a long time, room renters tend to move around a lot so you still want to make sure you're prepared for the vacancy, as Koren mentioned above expect leases under 12 months.  

Good morning everyone. I am getting ready to convert my primary residence into a rental property after we move. This will be my first time as a property investor. I am trying to make sure we do all the necessary updat...

I have been told LLC under 1 name as a single member LLC is less complex and less expensive etc preparation wise.

But this is tough to tell and harder to find once installed.Frustrating situation because I haven't found a ton of great problem-solving for snap/click floor once installed, it's all about preparation and installation and then you're usually stuck unless you pull up and replace completely which isn't necessary in your case.

This entails building personal/working relationships with people successful in the field.

I always see people posting to stay away from D/F neighborhoods, but I don't ever see how exactly to determine that - I've read a breakdown of what each class entails, I guess I'm just looking for a tool that tells me that instead of trying to figure it out on my own in an area that is not well known to me. 

It seems most cabins typically need something (or will), some you find during an inspection, others you hear from guests, and then you need to be prepared to repair it ASAP.

But as a FSBO, I would to make sure you are pricing your house accurately with comps, hire a professional photographer, pay to list your house on the local MLS to make sure the people you want see it, hire a real estate attorney, and prepare to deal with buyers.

In our observations it's because most tenants live in the moment and do NOT prepare for the future.