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Monthly Rental Income: $1100 (on the higher end but we found great tenants in about 3 weeks at that rate and it was still before our first mortgage payment was due)PITI: $510 with 20% downCap Ex & Repairs (8% each): $176Utilities (water, garbage/sewer): $100ishVacancy (5%): $55Net: $260/month (so not QUITE $300)We also got some cash back towards closing from the sellers and some $$ towards the minimal repairs that it needed.

If, though, you're going to be a single-member LLC with minimal assets, you'd be fine to form one on your own through the website for the Georgia Secretary of State.

I wouldn't waste my time on it

@Cody StoneIf you borrow from the Roth solo 401k bucket, you can minimize the solo 401k loan side-effect. 

BUT its minimal effort and could.

We liked where we lived and didn't want to "waste" a mortgage on ourselves.

This way, you are minimizing risk and ensuring the funds are actually going into the building.

I saw a lawyer yesterday to get advice on becoming a first-time landlord and I feel like it was a big waste of time and money.

Playing the role of "bank"), I'm assuming I could still lease option the home out with minimal concern of a "due on sale" clause to be called...