If I could summarize what is most important (unsolicited advice here): (1) Do not put the rental on the market until it is 100% ready for move in (2)  Provide a list of written and minimum qualifications the applicant must meet  (3) require the tenant obtain renters insurance (4) execute a strong lease (5) have a list of trusted and licensed vendors (6)  get good landlord insurance and possibly umbrella insurance if needed (7)  be quick to take care of work orders (8) let the lease dictate your actions/responses......

The Lender will dictate the numbers.

Even for a single member LLC this is important because the OA dictates how the company and corporate veil can be pierced.

Sixty percent of them will negotiate; forty percent will just say “take it or leave it”, in which case you leave it.First you negotiate for the lower price (if the facts dictate it) and only then do you go down and do a property inspection.You go through the property, using the system I give you.

(dictated but not read or corrected for spelling and grammar.  

Simply allowing the market to dictate which property managers grow and prosper and which do not isn’t sufficient. 

Instead of actual supply and demand dictating prices, its in government's nature to intervene.  

They let the market dictate its value.

In my area we have a ordinance which dictates what can be written in leases and what can be charged. 

If you hold for more than 1 year as a rental, then you sold, you would pay short term capital gains taxes at 15%.So your intent and your actions dictate if you will pay ordinary income + self employed, or if you will pay long term, or short term capital gains.