Ensure the property VALUE is in fact "below market" and not just the price is being discounted to move!

Read up on your local FHA and landlord-tenant laws to ensure you are following the law in the future!

A perpetual easement is very common and the best way to ensure your rights to the lease income.

For example, if you need to renovate the kitchen, you simply pick the style of kitchen you wanted, input the sq ft data, and the tool would then create an estimate,  a scope of work to present to the contractors, and an order list which you can import into homedopt/lowes to order the materials.I have been a PM for a GC for close to 7 years, so I understand estimator tools.

Before setting up an LLC, and especially before setting up an LLC for each individual property, I recommend you do some more research on what an LLC protect you from and what it takes to ensure that protection remains in place.

At the end of the day though, you need unit availability to ensure they keep coming back. ...And that asset class (high quality/higher end) isn't one that you can ramp up to easily without paying close to market value.

Ensure our property management is good and its smooth sailing!

If not, and they can't show you actual data to support that number, I would be wary.  

This is just a step to ensure you are being extra safeBasically, you can still do both in any market, but you have to be more accurate with your numbers when the market is shifting or nearing a shift. 

They typically want to ensure it primarily contains owner occupants.