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I understand I dont necceasily need a LLC to get a rental property however since I am a business owner I know there are some benifits like not having it under my personal name and protecting myslef in case of an accident in the rental property, however im not sure if this whole rental idea should be on a whole new LLC as well and not on my small business LLC.

well in note funds your going to have clunkers its just the nature of the business.. having been in the HML space since the mid 80s personally NO ONE bat's 100 .

There is only one person occupying the unit.

Personally, I would look into using creative finance.

@Kim LeJeuneI have to assume that it was a rental house, as opposed to your personal residence or a flip.Each monthly payment has 3 components: interest - taxable as ordinary incomereturn of your principal - not taxablecapital gain - taxable at various ratesYour down payment has components #2 and #3.Interest should come from an amortization table. 

I was looking into a virtual number such as from RingCentral so that I wouldn't have to use my personal cell in any guest communications, but I also noted that many of the PMS such as OwnerRez and Lodgify offer SMS messaging.

But that appreciation can be withdrawn tax free, that’s a big deal  With your income I’d target having paid off properties generating $2-3,000/mo cash flow instead of $2-300. that lowers you’re required properties by 90%. just as important you get to  leave California and save 10% on income tax and 50% on personal housing.

If you already own it and it was a personal residence that you don't want to sell providing you live somewhere in the area, have an interest and understanding of your local rental laws and aren't in California (the laws) or Florida (the possibility of assessments) then self management is a possibility. 

In Florida you put up a Three Day Notice on the Door or pay a Service Agent to try to get Personal Service.