I was shocked to find a major shortage of 3 bedroom rentals in the area and that rental rates were shooting up. 

I've looked online at foreign distributors but don't want the hassle.

Creating an LLC could be fast and only taking a few business days.You can also get your EIN imediatly online when the IRS website does not crash like it did for one my LLC and I had then to revert to fax and wait 2 weeks for the fax back.However getting a bank account could be an ordeal with certain banks and take over two weeks for their compliance Dept to approve it.Last, if your lender is ok with it, it would be better to buy your property dIrectly under the LLC name.

I checked the online forms here and the materials seems more relevant to US rentals. 

I live in North Carolina, I'm not sure if that would make a major difference.

Any major Expenses Coming Up?

I would consider small gradual price drops to allow the listing to get the attention of your potential buyers online.  

No major set backs it was a little stressful at times but the learning experience was totally worth it.

That's a major consideration for multiple reasons:Do you have a wife or girlfriend?

A majority of the posts on BP revolve around small amounts of cash flow and the precise execution needed to achieve it.