Currently I am working with an agent and looking to acquire my first property with intentions to rent the home out, however before I purchase I would like to get more insight on the rules, regulations and responsibilities of being a landlord.

Costs incurred before you are in business (in this case before you acquire your first rental) are start-up costs and needs to treated as such.

I've never had a negative cash flow month, never had a bad tenant (including with several more units I've acquired since), and never had a major problem with the property.

Rachan Malhotra - if you want cheap Fannie/Freddie financing, you'll need to acquire any properties in your name.

Something you may want to consider is how you will acquire your funding.

The same time spent on just digging in and acquiring without it.

Focusing on prayer and me acquiring my first property are what makes those rough days bearable.Linda Weygant Linda Weygant

Lastly, our long-term goal is to continue to acquire properties and build a strong base of passive income to help pay for our children's college and gain financial freedom. 

The main reason it needs to be a "single member" LLC is simply- the replacement property must be acquired by the same taxpayer that disposed of the relinquished property.

If you acquire a property, from a Wholesaler, once the property is rehabbed and ready for the Retail Market, allow the Realtor that provided you the zip codes, to list the property for sale.