If you are planning on creating an business and a system / structure, part of your budget should be using your team and getting thing done correctly from the very beginning. 

And leverage BP by continueing to ask questions, and as you learn, begin answering questions of others. 

I'm not a lawyer, nor CPA, and you need specialized advice.The property was not transferred (warning: with a QCD you'll likely lose title insurance, use WD when transferring) to the LLC, so you have no asset protection whatsoever - you have a person with a house and a mortgage who is also partner in an LLC that has somewhere in the operating agreement that it has a buy&hold rentals purpose.

Does this cover your payment with taxes . insurance, and a little for repairs? 

These are professionals with additional training and a stricter code of ethics.

What I did for one deal is I combined a HML and a partnership.  

Essentially this means just putting a thin new Sheetrock over those ceiling tiles and a thin subfloor over those floor tiles.

I have 2 properties under my belt, A Triplex and a Duplex, and am excited to add more!

We can use an HVAC guy, appliance repair,  and a general handyman.

You can usually get a rental application and a lease from a local RE friendly attorney.