You need comparable sales BEFORE you spend $175 or the appraisal will come low to your expectations.

I see a lot of LL compare their old unit that hasn't been remodeled in 15 years and has delayed maintenance to some newer units.... they create a vacancy but jumping to what they see as market and that vacancy and remodel costs them tons of $$ that takes YEARS to catch up on with that jump to market.

If you come to me and say you super handy ready to take on a major renovation my answer will be different compared to if you come to me saying you need turnkey and 30 minute commute to NYC.  

     * House is a 2699 sq/ft Single Family Residence| 3 beds, 3 bathroom | Built in 1956 | NO HOA     * There is a chance I could pay only interests so I can start saving some cash for the incoming maintenance and annual payment equivalent to the 12 monthly payments (~$5,029.77 per year during the balloon period)The advantages I can identify in this deal for me are:* Lower interest compared with traditional loans* Lower down payment compared with the ones compared for traditional loans* House is technically ready to be rented (waiting for the inspection) * Forecast - 3 yr growth (appreciation) is expected to be 8.1 % (Bigger Pockets)The disadvantages I can identify: * I am still vulnerable to foreclosure if sellers don't make mortgage payments to the bank.* Refinancing issues at the end of the Balloon Payment?

Nope that does not apply to business purpose financing. 

This is such a personal question no one can really answer it for you, call around to your local CPA's and compare.

Microsoft Excel, and most budget or free online bookkeeping isn't going to cut it in this situation.For the rental properties you own directly, I often tell clients and prospects that a P&L in Microsoft Excel is just fine and a balance sheet is not necessary for tax purposes. 

What is your purpose of having an LLC?

@Shaylynn O'LearyI like creativity in your own market compared to chasing cash flow across the country.  

@Jamie ParkerAppreciate the effort and plan you are taking - it part of every plan is to re evaluate to move forwardHow much time have you spent compared to how much have you made?