@Russell Gronsky, all the capex, repairs, vacancy, etc. expenses should already be factored in the monthly cash flow per door.

My thought process then is to create an LLC for the property, open a bank account for the LLC where rent will be collected and any expenses(repairs & renovations etc) will come out of.I understand that no one will directly give me legal advice on here, but just in general any feedback would be greatly appreciated!

The house was there on the market for close to 300 days.We got the inspection report and it showed that there is a plumbing issue (leak from the master bathroom, see attached pic), which looks like a red flag to me but my realtor (might be biased to closing this deal) has asssured that this is not a major issue and can be fixed.I have requested the seller to fix the leak plus bunch of other minor stuff in the request for repairs.

That is a bit tricky, because we sometimes have only 24 hours for paint and minor repairs, but it can be done.Of course it helps if your property shows well, is marketed and presented professionally and your rents are in line with the other 3 places your candidates are viewing that weekend.

Rent rolls, expenses and find out the age of all mechanicals/roof etc for cap ex repairs needed immediately or down the road.

Thank you for your prompt response Heidi.

In other words you may charge until challenged and then you may not charge for your time.Legally it is always preferred to use contractors if you intend to bill for time associated with repairs.

Next time you are there, check to see if the Pergo is buckling/peaking a bit at the seams--that's a sign of moisture.If this is to be a rental, I'd completely rule out carpeting and look at vinyl planking--it's water proof, and easy to maintain and repair. 

Buying properties at a discount for cash, doing repairs, then refi with a local bank.

Properties are cheaper in Birmingham and cash flow a little higher than other markets due to low property taxes, cost of living, and cost to repair/maintain.