Not sure how old the home is but you definitely want to check out the roof, electrical, water heater, heating and air conditioning and plumbing at the very least.

We couldn't get access to see the downstairs space so we couldn't even see the damage or estimate repairs.

Hello,Long story short:  Tenants didn't pay last month's rent and damaged carpeting with smoking (prohibited in lease) and other stains, left significant junk to be cleaned out and some other damages. 

It's only an option and does not damage your intent.  

I have an idea...and maybe a CPA or some other knowledgeable tax expert can help on this......so here's my idea:I want to start paying all our regular ongoing bills and utilities with money straight from the LLC rental income....cell phones (we use our phones for mostly work anyway), electric bill, internet, water, etc etc....I'm thinking of making a lease where my business rents the home office space from me and my wife, and the rent is roughly equal to the utility payments, or just have that on the lease..."

It has water and electricity.

The Columbus market has been crazy and I know a large number of OOS investors are testing the waters, so just make sure you are ready to move or you will find your calls go unreturned as A players don’t have the time.

Dec 2017 - Single family home - Short sale/MLS - Fire damaged house, we put in an offer the day it hit the market. 

But then if the place is damaged in an amount more than 1/2 deposit, we don't really have recourse beyond it so I'm not sure. 

Its really exciting because this enables us to get another water front property!