I did this to focus on the prospects that really wanted to see the unit after all virtual media was exhausted.

I posted a thread about this recently but I’m too exhausted to find the link.

You should consult no one other than an attorney licensed to practice in the state you operate your business in.

Playing the Devils advocate one could also make the argument that the POS lowers property values as the required escrow is often more money than an owner occupied buyer is able to pay.

Condos near the ocean are really good investments in my opinion too, simply because they a much less startup than an ocean front, have a lot of the same amenities, and you can hit a niche of renters. 

But being my first rehab project, what things do I need to look for in terms of exhaustive rehab costs? 

There is no cheaper money than an owner occupied home loan.  

Sometimes late pay can be better than an empty Lot -- If it were me I would try to see if the tenant can regain their financial footing.  

Real physical items depreciate over time and eventually exhaust their useful life, at which point you MUST spend the money.

I can tell you though that I believe a Trust is more cost effective than an LLC.