Occupancy: Will be owner occupied until fully renovated and ready for short-term rental market.Value of property at present and/or your offer price: Last tax assessment was $117K - seller is adding a metal roof and offering for $115K.   

Please share any thoughts on changes to your strategy with the cost of building materials through the proverbial roof?

It is a great place to meet new friends and learn about various aspects of real estate and more.Read Beginner’s Guide to help you get started: http://www.biggerpockets.com/real-estate-investingLots of luck.

I have many years of experience in all aspects of construction from bidding and estimating through warranty.

I have many years of experience in all aspects of construction from bidding and estimating through warranty.

I look at major items like roof, foundation, HVAC and main sewer line.

One of them has a roof top Pool so the owner can enjoy the 4th of July fireworks from his hot tub.

Meaning, is a sellers agent knows the roof leaks and that isn't disclosed, the buyer could sue the seller and the agent for not disclosing that info. 

However, I like the idea of separating out the business aspect of leasing to the LLC.Are there any potential legal issues that I should be aware of in doing this?

I would encourage investors who are interested in short-terms to think about the hospitality & managerial aspects of the business before diving in.