Even at 2% over 30 years that’s only 82k financed.This isn’t looking like much of a deal as a long term rental unless you are doing a pure appreciation play.

Having an LLC is not necessary.However, it should be decided once you have a conversation with an Attorney and an Insurance agent.Some factors that come into play are1) Your Net worth2) Your Risk Tolerance3) Your Risk Exposure

Adequate insurance is generally recommended as a first line of defense and may play a part in this decision as well. 

I have no clue if she talked to any buyers besides myself at any point but without playing games I told her I could pay her what she asked for.

A lot of investors seem to be buying in here as long term defense plays.

Mailers are long term plays, expensive, and have a low success rate.

Defintely talk to a lender because there are a ton of factors that will play into the amount of next mortgage you can get- the biggest ones I dealt with were DTI ratio and the monthly payment I would have to make on that HELOC.

I wasn't playing any music, I was sitting working on my computer and there was no noise. 

Unfortunately the building I bought in does not support STR but I still think its a solid play as a regular long term rental.

And it's completely up to you and the amount you are willing to spend.If you are planning on making real estate a long-term play then you should definitely be on the hunt for a good accountant and attorney.