Turns out the the electrical company was repairing a down line and once it was restored it sent a huge surge to the electrical panel.

Also, you may want to consider using a note servicer (in my area many title companies offer this service). 

Thank you for the infomation, Kenneth.I'm partnering with a land developer who has 20 years successful experience in this industry.Furthermore, he knows the head of the county, engineers and many others.The properties are way below market value.With that said, there is almost no room for mistakes. 

Notify your mortgage lender and insurance company of the transfer of ownership to update financing and insurance coverage.

Get  a good property management company with rehab capabilities to get numbers that pencil out for success. 

I could probably rent it for $750-$1000 per month over what the standard monthly costs are right now (not including vacancy, maintenance, management company, etc).

Save for Your First InvestmentCommon Pitfalls to Avoid:Don't rush into deals without proper due diligence.Avoid over-leveraging or taking on too much debt.Be cautious of "get rich quick" schemes; successful real estate investing takes time.Don't neglect legal and regulatory considerations.Remember, everyone's journey is unique, and there's no one-size-fits-all approach.

That's where your mind set should be, as well as running a successfully profitable rental business.

Shall I open a company and do it through said company?

There seem to be a lot of people that have successfully worked with renttoretirement and happy with their rentals.