It appears you will have a simple filing a lot of CPA's may turn you down and many will take anybody that walks in the door.   

Create a simple spreadsheet or written list to compare the features of each and identify the ones that align with your requirements.

For simple math, let's say you were like 99% of the fruit cakes on this forum--- they'll say net $10k/mo.

Hey @Anthony Dupre, whatever you decide for your entity structure, ensure it's simple enough for you to easily abide by the structure in your day-to-day operations.We've had bookkeeping clients with complicated structures that apparently protected them to the maximum degree but they didn't abide by the structure when conducting transactions in their business daily (lots of unintentional commingling).

You could use a simple move-in checklist or form for them to document any immediate issues.

Its super simple.

@Nick Belsky gave you great advice.In this situation, best to keep it as simple as possible, and I often give two offers; first, perhaps an all cash (way below market) and let the owner know that it is what it is--a below-market offer.#2 would be the seller holds the financing--I wouldn't go to a 30-year amortization, especially with an 80-year-old seller. 

It can be a simple 1-2 page Option contract.

A simple check-in during their stay shows you care without being intrusive.Implement Self Check-In: Guests appreciate flexibility.

Thanks Yes simple, you have it inspected by a led cirt guy, 500 per door.