All you need is for them to file it and you can handle the annual renewals from there.

Bare minimum market rents rise annually by at least the cost of living index.

This means if the tenant qualifies, you must repair/remedy anything they deem non-compliant.One major difference with section 8 is that the annual inspections is for the unit AND all common areas AND the basement. 

Raymond, the filing fee for an LLC is $150 if you mail it with a check or $156 if you do it online; see Articles of Organization available at http://www.sos.ri.gov/doc_lib/search/rilimitedliab...HOWEVER, besides just forming the LLC there are other documents that should be involved beyond the Secretary of State articles of organization, such as an operating agreement (critical in the case of a multi-member LLC but still important even for a single member), some kind of LLC resolution(s) regarding the formation activities, additional docs if you reside out of state, etc.There are also ongoing filing requirements (which believe it or not, a lot of people forget) and entity formalities (such as annual meetings, special meetings for major LLC activities/decisions, etc.), special ways you should be signing documents when transacting business in the name of the LLC, etc.This is why I'd strongly recommend involving an attorney in the process, especially one with experience in tax matters.I'd estimate that an attorney might charge you $1000 (could be less, could be a little more) but if this is your first entity, I think it would be well worth it for someone to guide you through the process and make sure you don't do things to endanger the entity protection right from the get-go.Also in terms of other costs you should estimate at least $500 yearly for the tax return for the entity, there's a $450/year minimum corporate tax (which I believe applies to all corps, S- or C-) and an annual report filing fee with Secretary of State which might be $50 (check their website).In terms of other states, I would strongly recommend setting up an entity in the state you're actually going to be doing the business activities in, though again that's a conversation to have with an attorney (which I am not).

These are completed prior to tenant move-in (initial inspection) and then again annually.

Rental cash flow is evaluated by an APOD (Annual Property Operating Data sheet).

Without taking into account compounding (simply dividing 2300 by 36) provides an annual increase of 63%.

I generally won't consider a return that is less than 15% or so annually on my cash outlay, and I include rehab costs in that return. 

This creates an inherent conflict of interest because in order to “make the numbers,” the repair people will be pressured to make repairs, even if they are not needed.Charge you an annual “renewal” fee.Include costs like utilities, sewer, etc. in the rent.

Institutional lenders may require life insurance on a borrower, another example of differences, they may require annual audits and accelerate a loan in the event of any significant change in financial position, another example, if a borrower went out and racked up debt in another project they can call the loan due.