3) Is it beneficial and legal to get a hold of the owner to get an idea of the situation?

Low valued SFHs can cash flow, higher value homes can not.Purpose built properties, such as multi plex units are built and designed explicitly for the use as rentals and are priced accordingly (or should be).A personal home is not a investment, it is a life style choice that will ultimately cost more to the owner than it will ever be worth (except in certain areas like CA where no one understands the value of money). 

My REIA group has indicated that having an accountant would be beneficial.

Title co (buyer's choice) takes their sweet time to answer questions, but sent us the castrated version of "ALTA Settlement Statement - Seller" (http://www.alta.org/trid/download.cfm?

Excellent job, BTW ... because you did so well on it, you now almost have too many choices, which is a very high quality problem to have :)

For long term B&H, this is the right choice. 

If you have the funds to buy that house and put down $200k+ you have a lot of options that I would consider to be safer investments.Something along the lines of the worst house on the best street in the best neighborhood you can afford would be a smarter choice, but it comes with a lot of work that you don't have here. 

., on picking your best governance element choices available under NRS 86 for the entity formation documents - and - what kinds of advice have they seen such an entity needing as it operates throughout its lifetime / and what has their success rate been with REI clients and their entities during the operating phase of the biz.Good hunting for these start-up and operating Power Team members!

College choice will impact the cost more than anything.  

The insurance will cover as well if not better than having a LLC so why waste the money on a LLC when you will still need the insurance.Stats show that only about 50% of investors on here have some form of a LLC and non have any personal case examples of ever actually needing to use the protection of a LLC.A LLC is one of those topics that keeps popping up as being necessary without actually having any actual proof to prove it's worth.Small time investors, without employees, are better served with insurance and can save the hassles and costs of having a LLC.This is only my opinion and I would encourage any investors that have a LLC and have actually benefited from having one to step up and tell us how the LLC was beneficial in protecting you personally from a lawsuit.