Government is nailing real estate investorsto the wall in a bold move to control financial crimes.BOI is yet another Federal program, “Beneficial Ownership Information.”The BOI program, a key tool in the fight against financial crimes, requires every business to document it’s 'Beneficial Owners.’

What documents are absolutely needed.

I would only hire out for major work I can't do myself or emergency repairs.I've dealt with older houses before and the house may be fine for occupants but there's still usually lots of things that can be fixed / improved so it seems a house that isn't perfect would give more opportunities for ongoing maintenance of this sort.To me it seems fairly straightforward to meet the time requirements but I think I need to have extensive documentation?

I have done a formal inspection with the lease but I give the tenant a checklist to fill out with the least when they move in so they can document anything that is broken or needs repair.

Shayan, just make sure you do your due diligence looking at the HOA documents.

You just have to use custom documents. 

I agree with @John Underwood & @Mike Grudzien, and I would expand on documenting *EVERYTHING*. 

Get their email addresses and draft the documents. 

The first step is always reporting to your local police department and getting a document that states that any unauthorized visitors will be trespassed immediately-- but in my experience, it takes more than just this to get the squatters out.

Just make sure you document everything properly, and once the property is in your LLC, it can operate as you described.As for your concern about taxes, keeping it under an LLC is a smart move for liability protection and managing income.