I am willing to protect you on any listings you send, that I have not been sent by another source. 

Also to be fair to @John Montgomery since I am in the Chicago Market...I understand the market for Hard Money here in Chicago is very different from other markets...The market would benefit from more competition because the handful of HML have their pick of the litter and can cherry pick deals...on average they won't even do a deal with a newbie rehabber, and if they will they will only fund the rehab portion to protect their interest and limit their exposure to risk.Cook County is a much harder county to do foreclosures in, and that creates a lot more risk for the HML...Finding a Good Hard Money Lender - matter of fact I wouldn't call most Rehab Lenders in Chicago HML because they function mostly like banks except for the interest rate and points...They want 20-35% of Investors Cash into the Deal based on Acquisition and Rehab...no matter what the % ARV is...Oh, and they still want 680 Credit Scores, and Full Doc Loan Submission...Not anything close to Asset Based Lending...Any HML that are considering moving to a market where there is a ton of Opportunity, Chicago is a great market.

Also should I start an LLC to get started and protect my personal assets?

For budgeting purposes, I would stock 6 months worth of rent into a savings account to protect yourself.  

Be sure that your contractor is licensed/bonded/insured to protect you.

Besides more consumer protection laws, the basics for finding them hasn't changed.  

If you do, A longer lease would put the pressure on and protect you better than a short lease.

So insurance is enough to protect me?

Whether it's your own property or that of an investor for which you manage it, your job is to protect the investment...and you must.Who else has some great advice on this topic or similar ones?

It is newer...Secondly, what is the best way to hold the property in terms of tax liability and also to protect my interests?