Investment Info:Single-family residence wholesale investment.

All great answers above, just wanted to add that your tax guy should be able to help here I'm not so sure going to an expensive real estate attorney for an LLC alone is a good use of funds in many cases its overkill.  

They got all necessary permits/approvals, etc. and House looks structurally sound and pretty good. 

I work a lot with Beau Matlock who owns The Matlock Group in Indy but good to build Networks!

Personally I wouldn't do anything without good insurance on my properties.I will say that the insurance that VRBO and AirBNB provides isn't insurance.

Good luck with your decision, and feel free to ask more questions!

Like @Carlos Valencia mentioned, its good to consult with your lender to see what else is needed prior to reaching clear to close or CTC on your file.

It doesn't happen overnight, but with persistence, wise investing, good money practices, good due diligence practices it can be done over time. 

How good of a tenant where theyI had this happen once and did not charge them as I do believe in karma and would work with the family to get the stuff out

It's our primary residence.