@Travis OglesbyGet an attorney to write up the agreement between people whose it as it will list maintenance requirements, putting money aside for repairs etc and who does what.You will need to get everyone to agree as well.

The rent you see is below market rent on a few of their units as their strategy with good tenants is longevity vs. keeping pace with market rent and spending money on turns every year. 

Tax is 5k and insurance would be around 2k.Anything else I need to include? 

Also important to remember the money is not guaranteed on time. 

For example, can you put a kit shower in, and save the money versus tiling the shower etc?

I've speaking with a lender about the possibility of a DSCR loan and once I get my GC license the possibility of hard money then refinance.

They do a private loan at 12% and are paying 7% on a HELOC The money you make in interest is taxed at ordinary income.

Yes, definitely reach out to an accountant for help with an LLC, an IRS EIN, accounting software recommendations and tax planning. 

@Caleb BrownHahaMo money Mo problems.

This is super important for real estate investors.Tax Flexibility: An LLC can offer some nice tax benefits.