Other minor cosmetic work may include new light fixtures, switches, and outlet covers, carpeting removal and shiny hardwood floors.

Insurance companies will charge more for you having these added to the pool, (at least the ones who do their due diligence)  You don't want to be caught not listing the playground, then someone gets hurt and the insurance company comes back and states that it was not covered under the policy.It's a great amenity, but may be costly.  

By ensuring that each tenant member is capable of covering the lease by them selves, you are at less chance of risk of non-payment, should things go sideways. 

He said that it was a good idea as any business transaction should be done under an LLC as a homeowners policy likely doesn’t cover contractual liability.What else do I need to go along with the LLC?

If that wont work, my company has investor products that will allow you to buy as a rental with 20% down payment, no employment or income is listed on the application and the only way debt ratio is considered is so long as the property will bring in enough rents to cover the PITI.

Ive heard of people using down payment assistance programs to cover closing cost and down payments. 

.)- If someone stops paying rent you may need to go through an eviction process- When screening tenants you need to do a thorough check of who you're renting to- There are several Fair Housing laws you need to be aware of when placing a tenantOften times, a PM company will even be able to cover their own cost by receiving the highest rental amount possible for your investment, most likely higher than you could by yourself due to the exposure and avenues they have for marketing.

You have to ask yourself "given all of the options, am I making enough return to cover my risk, my time and my hassles".

We made an offer high enough that the closing costs should be all but covered by the seller, and that it should be competitive even in a hot market.

Hey @Danny Rapczak, I'm an investor specific contractor and we cover new jersey.