With homes staying on the market longer, be aware of interest rates, as they can influence buyer affordability.

I think the first step would be to contact a lender and figure out our best options moving forward.

If you have large debt with a high interest rate, I would consider paying that off before getting started investing in real estate. 

You need to have the ability to contact previous landlord to verify previous rental history.

I wanted to help them out and minimize their loss and saw an opportunity to get a property slightly below market because of my commission savings, immediate mortgage and maintenance relief, in addition to keeping a lower short term interest rate How did you find this deal and how did you negotiate it?

You would contact an electrician plus the power company to separate electricity.

@Kevin Connauton most PMCs won't touch this type of renting due to all the additional headaches and liability.We second contacting PadSplit.

Thankfully we are commercial bank clients so our rates are as low as you can get in the market place for anyone who is not Lennar or DR horton or those types.

Hey llina, as Jonathan stated below an LLC will not determine your interest rates. 

Check their nightly rate, occupancy and amenities.That will give you a pretty good idea of need and profitability.