I was going to talk to CPAs, maybe attorneys, since I need to set up LLCs, do taxes, and advice in general regarding family/generational financial planning, but CFP may be a better route.

Purchase Price: $215,000ARV: $275,000Tax Assessed: $300,000Rehab: $8,000Rental Rate: $2,300Landlord Insurance: $2,500Home Owners Insurance: $5,000Property Taxes: $8,000Year Built: 2018

The documents required would be last (2) year tax returns and copies of the last (2) years 1099 year end statements.

They’re located minutes from golf, skiing, hiking, and fishing, and boating as well as tax free shopping and world class dining.

Check Alabama posts.  2nd lowest property taxes in the nation behind Hawaii.

This is in the east side of Buda in 78610Property price is around 340,000 and the monthly payment for 80% mortgage at 7.125% with property taxes (2.32%), HOA and Insurance comes out to around 2,600$Rental comps suggest around 2200$ gross monthly rent. 

.- You will now have to file a tax return for your LLC and these can get expensive.- You might need to pay an annual fee depending on your state- When you pass away does the basis reset when your kids receive it as an inheritance?

So if the delta on your savings versus interest costs is only 2%, and it appears you're a RE professional, your tax advantages will probably make that a wash meaning there's no advantage at all to spending all your cash unless you are just afraid of making a payment. 

Whether this income would qualify you or not would largely depend on how much you claim on your taxes and for how many years. 

Insurance, taxes, repairs, maintenance, and management costs are all sky high and $300-400 below market rent is a sure financial loss.