We in fact have clients from out of state and internationally that we often help them purchase an already established rental, with tenants, cash flowing, and property management in place. 

I am leaning towards establishing an LLC as well at this point. 

Establish your LLC in VA, then register your VA LLC as a foreign corporation in GA.  

I am trying to establish which home will be more desirable to rent based on bedroom count.Thanks in advance for your help.

Do they both meet all of your established criteria?  

Another concern is that the property is set up as a deli style establishment so other restaurant concepts may not work without changing the layout.  

Hi Ray-As a financial advisor I tell my clients to establish three to six months of reserves for expenses.

IMO, they result from the HOA management establishing reserves that are insufficient (underestimated replacement cost or inflation not accounted for), or the reserves fail to even consider that certain HOA responsibilities will need replacing, or no reserves whatsoever.

I assume the backwards approach requires that you establish the cap rate you are seeking, or a gross rent multiple?  

If you build an office warehouse you determined the market and the price range to be established, a feasibility study can show you that.No, it's up and good, it's general real estate academy dot com, no spaces, as in my signature (I hope).