I think the LLC also makes it easier to open a local bank account, which is convenient to pay utilities or other local bills or your property manager, etc.  

DM me, and I will send you contacts for attorneys, lenders, and accountants they have previously used.

It reminds me of the Charles Schwab study - their best performing retail investment accounts were from dead people that never closed out the account.

, status of major building components (roof, HVAC, structural, electrical, plumbing), accounts receivable aging (are all tenants paying or is the $20,500 schedule rent?)

Sit down with a tax accountant and a realtor in your market walk thru the above with them.  

We need to account for both in this analysis. 

It is our goal to deliver all of this in the RTR Academy along with a plethora of benefits to students to include:-VIP access to RTR inventory before the general public-ability to earn back course fees through investing & our attractive referral program-tax, legal & investing advice from our team of attorney, CPAs & investment advisors-no cost SDIRA or solo 401(k) account to invest through retirement vehicles -lifetime membership with no ongoing or additional fees, etc.!

@Nate McCarthyProfit Splits and Contributions:Dividing profits proportionally to investment (2:1:1) is common, but you could also account for sweat equity if one party is doing more work.

He determined the price and terms for the property, and according to the agents involved, he consulted with accountants and attorneys before signing the contract.

I would either just put the return in a brokerage account, or buy a rental property near where I now live (on the east coast), where you can buy a lot more for the money.