You will have to be approved to carry two mortgages as well from a lender if you will be doing this the traditional financing way.

You could buy with a 70% LTV loan, and have the seller carry just 15% in a second position (some lenders will do this, but not all).

Make sure they know during the application process items such as this that are their responsibility.

If you could answer those items I think we could provide some specific recommendations.

Assume 600 sf per unit. 1200 sf*$6 sf = $7200 /10 year life span/ 12 months in a year= $60 per month for 1 item.

My personal opinion is that you don't NEED an LLC for one property, especially if you're carrying sufficient insurance to protect yourself and the property. 

As they are checking the property, we make it a point to see how they carry themselves.

A couple additional items to consider.

Get every form you can find, compile the items on all the forms and create applications and lease agreements that covers everything you find on those forms and write that information to cover your butt and to make everything clear, in the beginning, for what you expect from your tenants.

I will be looking to see what the seller is willing to carry for sure, but outside of that, what options do I have?