I've read so much about REOs being more complicated and would really like a straightforward deal for my first deal. 

I'd be happy to go over it with you, it's just way too complicated to explain right here. 

with 1 property it would be pretty easy to do in a note book or on an Excel Spreadsheet, dont over think it, its not that complicated, as you get more properties, work with your CPA, use the Software they want you to use (Quick Books, Peachtree, ect) and have them teach you how to use it. 

@George Blower running an LLC is really not that complicated, nor expensive.

The only hiccup out of 5-6 houses was one appraisal issue that we had to meet in the middle (closer to my number than the appraisers).My opinion is that realtors are worth it (I use one now, but am getting my license as well) however I found listing and selling my own deals was not complicated.

Is it complicated to use the  background screening or is everything pretty simple ? 

Also that structure sounds highly complicated.

Fortunately, the property is in North Carolina and not here in California where things are exponentially more expensive and complicated.

This is complicated by the fact most will want to know your cost basis in the property and won't want to cash you out completely, again because they view it as riskier. 

This setup is going to get complicated pretty quickly.