At least the first year, work with a CPA to setup property basis, deprecation schedules and advise you on what expenses you can claim. 

Talk to the attorney that setup the LLC and get advice on how to proceed.

@Katie Greenman So the way the house is set up, the second full bathroom is in-between the 2 rooms without a personal bathroom which is perfect for what I'm doing.And yes!

The lender is asking me for an attorney opinion letter to verify that the trust is setup correctly.

My wife and I set up a furnished rental here last year with the plan of renting it on Airbnb/VRBO, but our very first guest who we met through a colleague of mine decided to stay forever, so it's become a long term rental by accident (which is fine with us because it's much less work and less vacancy loss for us this way, and the tenant is awesome). 

Hello BP,I set up an LLC for my first property back in December. 

We currently have enough available cash to pay off one of the two to set up as our first rental.

I am trying to set up a deal whereby a few vacant lots in a subdivision are exchanged for a house of similar value.

Extremely easy for tenants to set up and pay you.

I'd like to setup a HELOC on my house and purchase another multi-family.1.