In the meantime, we have set our sights on a different geographic location (also in the same state) for our retirement, and trying to figure out the best strategy to afford to ultimately purchase a property there.

I stayed under my $30K budget I set.

And seller financing will often set the price at a premium.  

Hey Kesha, setting up a single LLC can be simpler and cheaper initially.

I like to set rentals up for lower maintenance long term as much as possible.

Keep every receipt associated with setting it up.

@Nicole EliannaYou have a really valuable skill set in building a business. 

If you want to make sure your name is nowhere to be found I would recommend setting it up with an attorney and a holding company.

You should know the target investment area well enough to quickly recognize actual deals versus those that are not going to be profitable.You should then have a team in place that can quickly validate the condition of the property and give a decently accurate estimate of repairs. 

MI is the mortgage insurance lenders require.PMI is set by lenders on a lot of different loan programs.