I literally spent 4 hours on two separate occasions talking with the IRS as to how they would suggest setting up the fund. 

Since then its been rented for the last 5 years , It is completely paid off and cashflow is now approx.. 700/month I found a single listing property just outside of city limits which has 4 separate a frame homes on same location.

With detailed accounting I believe you can get the material costs separated out.But, back to your question.

You can run this property through a separate bank account without using an LLC.

And as it turned out, that junction location in the bathroom was a separation point, where I could at least separate the circuit almost in half, with a new wire run that is (second floor unit with a tenant below).

Might be NBD, but don't make that assumption.Is water and sewer are separately metered, the tenants should be paying that expense.What about lawn care and snow removal?

I set up an LLC (as I would like to keep REI as separate from myself and other job as much as possible).

There is no separate process for an "investor deal" - the purchase generally works the same way whether an investor or a family or an owner occupier or an LLC is buying the house.

You might consider running it by another lender (whether you can switch at this stage is a separate topic, but the information would at least be useful).

I would love any tips from others on what to look for.The home has separate meter for gas and electric.