You’ll also need an operating agreement to go with said llc and that costs several grand for an attorney to do.

After several years on the bench I’m ready to get in the game and pursue my first rental property.

That so that last $20k can serve as a cash reserve - for unexpected CAPEX items (although, speaking for turnkey, this shouldn't come up for the first several years), for flights out to vet partners, whatever.

Have you called SEVERAL local banks in  your area?

I actually have done several different real estate deals through the years, my first being a 3 unit rental that i bought in the mid 90's.

I 've been analyzing several deals lately, however, it would help to have some experience in helping someone or shadowing someone who's buying a property.

That is a pretty good question and I hope you get several answers that will help you. 

It sounds as if he's operating like a short term rental.Also if the units are being rented weekly how on Earth is a tenant several months behind?

House was just listed last night and has already gotten several inquiries.One in particular, renter is asking about possibly a long term lease of 4 to 5 years.Gut feeling tells me that this isn't a good proposition for myself, the landlord.

Another observation was "It was observed in several locations throughout the interior that 2 prong non grounded and obsolete outlets are present.