It is located very closely to a Pond (+/_ 10-15' from edge of water to house); so it is very close. 

in my mind if rents are about 1200. 

Could you please recommend zip codes/Street/Locations that you have experience with and do recommend for investment purposes?

@Quentin RCollins - where is your land located? 

Can I still make an LLC and just collect the rent and put the maintenance and mortgage payments through that LLC?

I have a house that I am renting to my sisters family.

Can you let us know where this deal was located and what the cash flow is after you bring it to market rents? 

MLS, direct mail, through a wholesaler, etc.The property can be located in PA or NJ, they do not care.We have to send them a detailed comp reportWe have to have our GC's come out for bids (on our dollar)We have to have our inspector come out (on our dollar)We have to get the property under contract with a 10 day inspection period before we can show it to them or have their inspector come outThe contract has to be assignable$50,000 is the profit they ask us to shoot for6-8 week rehab time, no structural issuesOnce we find a property and get it under contract, we must immediately pay $795 for their inspector to come out, send them our comp report and our GC estimates.  

That is a lot to ask if your client also cares about the location.

Every person's choice is own or rent.