So I bought the place 07/2017 and listed it for rental 01/2018 after I had made some repairs.

Physical condition: Beyond repairing any obvious visible physical defects, a fresh coat of paint, new striping in the parking field, and some basic landscaping improvements.

It's a nice 3BR1BA house which needs no major repairs and could use cosmetic upgrades such as paint, flooring, landscaping, appliance and cabinet upgrades possibly (which I will all be doing myself while living there).

The basis would transfer over to LLC. this basis would include all the work you had done to the property when you bought 8 years ago if those were capitalizable improvements rather than repairs.  

Depreciation rules for automobiles improved significantly, however I don't think it would apply to you.

$966 + 334.24 + $80 = $1380.24 (PITI) MonthlyMarket Rent $1500 (-)  Monthly Mortgage $1380.24 = $119.76 (potential cash flow) not including vacancy factor, repairs, capex, hoa fees, additional flood insurance. 

Here is a specific example I am looking at now:Purchase price: 75kAnnual tax: 1,670ARV: 200kPurchase Closing Cost: 5,295Estimated Repair Cost: 25k----Loan---- (Here is where it gets a little tricky for me, see below)Down payment of purchase price: I am getting offered a HML for 90/10.

Def check arv, Dom and repairs etc like others said.

You may be able to tap into some equity and do the repairs but then you'd have a rental property that is 3 hours away.  

Which was after I put about $700 in repairs over the first 18 months I owned the house.So, that's been my experience, albeit a green one.