I have a couple of quotes for repairs on the roof, and I have a sense for about what it might cost to do some other additional things, some we might do. 

Do exclusion work to keep them at bay.3.

Additionally, I would suggest getting a better feel for what the seller's true motivations are.

Even if you go 2% deductible it's 6K.Add to that most policies now have exclusions. 

That's not factoring in depreciation recapture, which will cause additional tax.

If anyone can offer some info on how to best structure something like this I would really appreciate it.As additional info, I plan on buying in an LLC with a commercial loan.Thanks in advance!

We were informed 2 days before moving in that they only had a temporary CO and that some additional electrical work needed to be completed. 

Don't forget that you need cash  reserves and closing costs in addition to the down payment. 

@Cynthia Miller in my state it costs $750 to set up series llc then $50 for each additional series.

I am more interested in learning about the best way to collect and report rental income and also learn any key things I need to do in order to make sure that it will count toward my yearly income so that I can qualify for additional loans in the future.