The current owner only has one gas meter, electric, water and sewage. 

Should I setup the LLC now and do my first deal under the LLC or just play out the first one to test the waters?

Heaven forbid we take another leg down in the market (which historically we always fall a few years out of each 10), you could end up massively under water.

In KY, water usually runs about $25/tenant/month so about $1200 annually for a quad with 1BR apartments.  

Say what skills or other knowledge you have, anything you can bring to the table.

Michael brought a new prospective to the table I never thought of.

Figure out what kind they are (i.e. drywood, subterranean, etc); treat them appropriately; remove anything that may be attracting them (i.e. wood to dirt contact, standing water pooling around the foundation, etc) so they don't come back; and fix what needs fixing due to their damage. 

Find out why seller is selling, ask for a rent roll, what repairs or updating of mechanicals and roof has been done, how long seller has owned the property, are there pets allowed, are taxes current, has there been any insurance claims where seller did not use money for the repairs, ask for sellers disclosure, are there separate water and electric meters, does rent include utilities or not, are there long term leases or month to month, does deposits transfer to new owner, if there is pets, is the deposit a fee or deposit.

Also, there are many people here to offer great advice and wisdom when working through any of the deals that you may have on the table. 

It was a 3 bed / 2 bath everything else looked great.Furnace was good, roof was brand new, water heater was new, freshly painted outside, was going for $200k in a $500k neighborhood.