Account Closed - care to join in?

The issues that I'm having is that there is not enough examples in certain areas on craigslist and rentometer doesn't take into account for square footage of the units when comparing rent prices.

My thought process then is to create an LLC for the property, open a bank account for the LLC where rent will be collected and any expenses(repairs & renovations etc) will come out of.I understand that no one will directly give me legal advice on here, but just in general any feedback would be greatly appreciated!

Negotiate with the seller and reduce the offer price by taking into account the cost of replacing the entire plumbing (got a qoute of 5K from a independent plumbing contractor for replacing most of the plumbing).I would really like to know from the experienced folks here in the forums what would you do in this situation or what would you recommend I do in this situation?

They have auto pay setup and it flows right into my account a few days after the payment is made.

Now as much as my parents would love for me to sock away 20-25% in that account thats just not me. 

Account Closed mortgages are usually created by mortgage brokers (especially due to new limitations set forth in the Dodd Frank act from what I understand) and mortgages are amortized over a certain period of time. 

@Eric C.It would not hurt your ability to borrow as it is still counted towards your total earned income (you earned it), you are just tax deferring it in a retirement account.

Right now we just have the rental income going into our personal bank account and a lot of the things we bought/did to the basement is mixed within our personal receipts.

You may not be able to find your best buy and hold here right out the gate but if you take on a few different angles in real estate, maybe wholesaling and flipping, you will build the bank account and then most likely come across an off market multi family and have your buy and hold.