I just need to follow someone with more experience. 

HUD guidelines are mandated to be followed by all the local housing authorities.  

Rents are secure in multi unit blue collar and for me following the last dip in 2008 I still raised rents annually.

I found it on loopnet oddly enough, and followed It until it fell out of contract. 

To get the desired protection, you have to follow some rules to create a separate identity of the LLC such as maintaining it's separate book, singing all the lease in its name, and more.

Buy the first one smart and don't follow the herd.

I don't think it will be difficult to find a tenant.With all of that said, would you take the stab at this as your first rental property, considering it wont be able to follow the "real" BRRRR strategy since it's already ready to go with not major repairs to add true value?

(But the payment would go up pushing cash flow more negative, right?)

You've been warned.Now, after reading multiple books on the subject, consulting with multiple attorneys, I would look into the following setup that would give you the most flexibility:Create a living trust for yourself.

Get familiar with the process and follow the steps completely.