Maybe someone walked the property who wanted 2 bedrooms and noticed it wasn’t a legal bedroom and it had to be re-listed as a 1 bedroom. 

Purchase price: $145,000 Cash invested: $36,250 3BR/1BA home in great family friendly neighborhood within walking distance to downtown Suffolk.

This is important because they can start looking at properties with you and help you get an idea of rehab costs and what to look for when walking properties.

Call a local bank and get prequalified to see what your true budget will be, then walk INSIDE of a few homes to do your deal analysis. 

This help center on AirBnB (https://www.airbnb.com/help/ar...) provides you resources to almost everything you need to know.Feel free to reach out and can walk you through my numbers and costs if that might help. 

For ex: I have no idea how much it typicall costs for labor in my area for floor replacement, so I need to know if a total reflooring job is even within my finacial feasibility before asking for a walk through or requesting a quote.

As far as how to form an LLC and the rest of the questions you've asked here I would highly recommend getting some face time with a local real estate investor who has walked this path ahead of you and can speak from their experience, as this will be a good opportunity to "begin with the end in mind."

Take a lot of pictures, video walk through of the property, and of course keep records of how much has been paid and when.  

She wont let anyone walk over her.

I put in a lot offers, won 4, and ended up having to walk away from for one reason.