But in reality, the price you paid for the property is completely meaningless and irrelevant (except for tax purposes, which are minor in this case).

The good news is that you're only 45 minutes down the road so you can keep an eye on it throughout this process but you absolutely need to get this project completed ASAP.  

If it IS a separate bill in your area then yes, definitely include it as an expense, and the 'other expense' category would be a good place.You want to include ANY expense you might incur - I was watching a webinar last week from the archives and it was interesting how a couple things that I dont deal with; flood insurance, garage & water/sewer (tenants pay in my area) completely changed one of Brandon's deals he was looking at from pretty good to just break even. 

You need to complete your own Annual Property Operating Data (APOD) on the properties.

What is completely new to us is dealing with tenants.

It would delay me working to replace the kitchen and bathroom, and on top of that, we're not required to do so.I let the former tenant know and she's saying things like "we don't know if you dog has been down there, you should have ventilated the unit so the carpets could dry" and so on.Anyone deal with small claims here in NH?

Ive been quoted $500 to complete this.2.

But buying a property within an LLC, in the LLCs name and with the LLC as the borrower is completely possible.

Looking for full service contractors to manage the project fro start to completion.

It would delay me working to replace the kitchen and bathroom, and on top of that, we're not required to do so.I let the former tenant know and she's saying things like "we don't know if you dog has been down there, you should have ventilated the unit so the carpets could dry" and so on.Anyone deal with small claims here in NH?