I want to be well prepared and knowledgable to evaluate such a position. 

We have plenty of time to prepare, pack and leave when told to do so.  

I think so many folks think that they have to leap into doing their own MF deals and they either are not prepared, don't appreciate the time involved, etc.  

I'm preparing for my future goal of owning an apartment.

Most lenders want to see some skin in the game now a days so I would plan on saving a little money to put into the deal.As for books, there are no books that can prepare you for the real world of section 8 housing, lol, but one I would check out to start is The Section 8 Bible by Michael McLean and Nick Cipriano.  

If they call it, you must be prepared to 1) remedy it (may or may not be allowed), 2) refinance it within 30 days, or 3) pay off the loan in full some other wayYes, put the bills in the name of the LLC and start tracking the entity's finances to ensure that its finances stay separated from your own.

I need to change bathtub toilet, put in new faucets, vanity, put in new tiles and paint it (it has wallpaper right now, so in need of preparation for paint).

Who knows...The key is to prepare while you wait to find that killer deal.

If they don't pay that charge, then deduct it from the security deposit when you prepare your final report regarding the return of the deposit.

If you were to summarize your experience here, what would be the biggest thing to watch out or prepare for especially when doing it out-of-state?