I would look into whether you really need a multi-member LLC at this point. 

From my basic understanding it would make sense to change it to a rental and then do the remodel so I can claim depreciation on my cost, is this correct or not? 

There are lots of paid software programs that do this for you as well. 

@Rahul Prabhakar, thank you for starting this thread.

Check with the county to confirm you can do this.

Purchase price: $150,000 Moved mobile home on bare land What made you interested in investing in this type of deal?

Purchase price: $55,000 Cash invested: $110,000 Sale price: $205,000 This was a 1950 raised home that needed extensive foundation repairs as well as all plumbing, electrical and subflooring.

I plan to get on an income driven repayment (IDR) plan once I graduate this spring.

From real-world, not theory or something we heard or read, but from DOING. 

This book will help you learn how to underwrite.With the little information you have given, this purchase will be underwater.