Also ask about employment in that specific area.

I have a couple of quotes for repairs on the roof, and I have a sense for about what it might cost to do some other additional things, some we might do. 

Additionally, I would suggest getting a better feel for what the seller's true motivations are.

That's not factoring in depreciation recapture, which will cause additional tax.

What I bring to the table:- Stable income/employment history- Handy and technically minded- Great with excel and programming, should translate well to custom analysis tools and automation- Commitment and discipline to spend the next decade grinding and doing whatever (legally and ethically) it takes to be successful.Thank you for taking the time to read this, and thank you to everyone involved with bigger pockets for facilitating this community.  

If anyone can offer some info on how to best structure something like this I would really appreciate it.As additional info, I plan on buying in an LLC with a commercial loan.Thanks in advance!

We were informed 2 days before moving in that they only had a temporary CO and that some additional electrical work needed to be completed. 

Don't forget that you need cash  reserves and closing costs in addition to the down payment. 

@Cynthia Miller in my state it costs $750 to set up series llc then $50 for each additional series.

I am more interested in learning about the best way to collect and report rental income and also learn any key things I need to do in order to make sure that it will count toward my yearly income so that I can qualify for additional loans in the future.