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.  

$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. 

I did about 35 buy/fix/sell/rent houses in Ohio over the years and got bogged down in repairs, repair people problems and budget problems.How much fix up do you think is worthy and doable before a project gets to be a real pain?

It doesn't have to be perfect if you have some good references on the property manager you're using, and that property manager can tell you what certain repairs would cost you prior to you doing business with them. 

I'd need a loan of about $140k for purchase and repairs.