I think 1-2% of loan amount at closing, 1% annually plus reporting and the ability to foreclose on your LLC shares in the event of a default.

I can run that report and send soon

The market is definitely as hot as it gets and a listing with no offers would generally translate to a price decrease.However, you need to take into account that news reports and experiences regarding the market in general, don't necessarily mean that the same is true in your specific market.  

Seller says it was renting for X price which would cover the new mortgage but I haven't seen any reports.

I was told that, since they reported my income in box 3 (instead of 14- for payments to attorneys) I have to pay Self Employment Tax (SET) in the U.S.- Is this correct?

Request background check through a site like Zillow and pay the fee using the application fee provided by the applicant and review the provided report to ensure the applicant actually does meet your qualifications.

Your neighbors will hate you and report every little violation. 

Provide a written report of income/expenses for the month.If you intend to manage for others, you my consider joining a professional organization like NARPM where you can take classes and accelerate your learning.

Almost if not all failed portions of your inspection report need to be remedied completely by the seller before closing.

However I see that if you can structure this deal correctly you can qualify for a long time capital gain.Tips to get capital gain treatment on the sale: A) If you have actual investment property and you are dealer: -Maintain separate book-Document intent to hold the property as investment property in Minutes or other document-Report expense as investment expense on tax return-Also use separate entities.Using controlled entity to get capital treatment on land:-it is important that the sales price reflect the property's actual FMV at the time of sale. the formalities of a sale must be observed.