Unless you treat the business as separate from the property (i.e., you treat it as a property management arm of your investing business), then having a business entity collect the rent for a property you hold in your own name probably won't provide you much in terms of asset protection (and probably won't provide much in terms of tax advantages for just one property either).You'd want the asset to be held by the business as well, and in no way commingle the asset and it's cash flow with your personal assets and cash flow.

We were considering doing a few repairs and treating it as our break into rental properties.  

In terms of treating Real Estate Investments as a Business what tools do you utilize other than the calculators on Bigger Pockets?

Yes, you'll totally spend 10% just maintaining it then you'll have enough big ticket items to get you into that 2-3k (or more) each year.Tenants that live 600/mo or less will not all treat your property well.

Maybe they did your purchase mortgage and treated you well.

I've done this with our area community organizations and found that if u go in too aggressively they could treat you as an outsider.

They are treating you like a rube who doesn't know the business.

the house was treated for termites by the seller when I bought it.

I wouldn't accept that as a seller.Always treat your natural person sellers with dignity.

We had to ask for 2 extensions to close even though the loan was approved and were treated very poorly.