I knew i would be able to update and rent out.

The property could use some updating but is in relatively good shape all around, and came with a 14 year long tenant on a yearly lease. 

Good info, thanks for the update.

Of course when you purchase under a business such as a LLC you remove yourself as being liable but I want to know what the downfalls of purchasing under a LLC/Corporation are.

Thanks for the update!

Updated granite kitchen, water view, nice size lanai.

The basement has a serious water leak issues but other than that just updating of kitchen, flooring and bathroom and paint are needed.

If you are going to market them as a Corporate Rental there are guidelines that can help you connect with the right customer. 

You never want to hold rental property inside of a corporation.

"Market" rents and your rents may be based on very small things, such as floor plan layout, updates, other tenants (are kids always running up and down the halls making it less desirable?)