You can create actions for move in, move out, periodic inspections, repairs, or anything you want.

- I'm looking to create a LLC to purchase the property. 

Don't invent / create problems for yourself by Selling yourself short - likewise - don't over embellish the truth.

That's why they post often, write articles, and create a great podcastSeeing someone want to move fast is always exciting.

I'm looking for some input for best strategies to either partner individually with each investor and form an LLC to hold the property or, create one or more LLC's with multiple members with all of us working together. 

How much income would yoube comfortable taking home on this portfolio, where it would remain self-sustaining?

Assuming everything checks out with the sister (references/income/credit check) I had planned to get another new deposit from her, return his deposit (less any damages due to him), and create a new lease with my original tenant and her sister.

Get a much knowledge as you can, dont be afraid to start a deal, find a mentor, assemble a team that works for you, and most of all create a niche in real estate you enjoy...Lee

Are you looking to buy turn-key properties or create these opportunities yourself?

This is one of the reasons I created this thread is to validate before taking any action.