To cover your bases, talk to the title company that did the original loan and make sure they won't hit you with transfer taxes going from the LLC to personal ownership.

Does anyone have any experience doing this and what kind of ratios should I look for in price to make sure that I will be covering most if not all of at least the mortgage and taxes?

If one thing goes wrong where is the money coming from to renovate and/or cover expenses/loan payments. 

Start looking for properties with your agent, make offersAfter step 5, I would say it is important to make connections with contractors but it sounds like you have that part covered.  

If anyone knows the Virginia market, this property is located in Petersburg, VA in case that influences your feedback.I have negotiated subject to and owner financing to purchase the deal using the following structure: I will pay $8k in cash I will take over the existing $59k mortgage payments (28 years left) of $506.70/mo PITI paymentsThe owner will wrap the remaining $8k into a second 15 year mortgage of principal only payments of $44.44/moTotal monthly payment $550/moThe Deed of Trust will transfer to me at closingI will sell the property via Owner Financing to a tenant buyer using the following structure: Purchase price $85kPay $10k downI will finance the remaining $75k for 10 years at 10% interestMonthly payments of $1000/moBuyer may cash out anytime after the first 5 yearsTenant buyer covers repair costsDeed of Trust transfers when tenant buyer cashes property outBasically this strategy is a way to get all my money invested out of the property and avoid typical rental property expenses to keep all of the cashflow.

If they're mid-sixties they are or should soon be eligible for social security, if they're covered. 

HOA $255 monthly (covers water, outside landscaping and roof repairs).

Just wondering if there is already a forum out there that is covering this?

I called several listed in forums and several local but they do not cover AK. 

A (former) friend of mine was heavy into this a few years before the subprime meltdown, and was hit hard by foreclosures to his properties because he was too highly leveraged, usually buying with little to no equity built in.