Right now you and your husband probably file a joint return and both of you are the tax payer for the property or rather the ssn that is used as the primary number for that joint return is the tax payer. 

Each time you create a new LLC you will need to file documents with the state which have filing fees and will need new operating agreements and related documents. 

Some investors walk away with a false sense of security and a lot of unnecessary overhead work and costs. 

I can Look into it now and see if they file online records.

Its a low income neighborhood and the tenant had some financial hardships in the past which I have agreed to overlook in exchange for last month's rent up front (rather than collecting just the first month and a security deposit). 

I need to make sure all the paperwork is filed and filled out in the correct places and in a timely manner.

You mentioned a promisorry note but you did not mention a mortgage (or deed of trust) to secure the note.

Managed to secure a pre-approval that can allow me to purchase up to 350k with 25% down payment.

But, as always, an attorney well versed in securities law is going to be your best asset.

@Jesse Copjec Have you looked in the file place and did a search for "Construction" or "Building" to see if there are any relatively new uploads for building cost projects or calculators?