BP family, I am a new investor in the Grand Forks North Dakota area and am wondering what type of rates to expect and or offer when looking to gain Private money.  

If you want to move from your current home to a new one in five years, you don't have to do anything to go bigger and better then.

There are a lot of variables involved so its hard to see unless you run the numbers especially since you might replace this home with 2-4 units and where the loans on those new properties would be at a higher rate.

Currently, she has overseen repairs and we are now trying to place a new tenant."

What is the going rice for new roof for 1500 sq feet house in Montgomery? 

If the oil runs out and results in damage to the system, the tenant will pay for the repair.I also recommend you be clear about this in your written lease for future renters.If there are repeated violations, terminate their lease and start with a new renter.

I am looking at establishing a new single-member LLC.

Im a former Marine and long time business owner but new to real estate investing.

In my shoes I would want the stability of the cash flow and look to leverage as a long term rental through a PM.Some folks want to cash out and reinvest the new found equity in a higher producing asset. 

If you don't plan to Scale this to other locations, don't learn a new business.6.