I commend you, @Anne Jenkins, for meeting the rehabber and personally walking every property you lend on.

If you click on the build your team tab you will see the directory of sponsored advisors and if you check out the personal finance section you will see several of us that post regularly.  

I understand I dont necceasily need a LLC to get a rental property however since I am a business owner I know there are some benifits like not having it under my personal name and protecting myslef in case of an accident in the rental property, however im not sure if this whole rental idea should be on a whole new LLC as well and not on my small business LLC.

well in note funds your going to have clunkers its just the nature of the business.. having been in the HML space since the mid 80s personally NO ONE bat's 100 .

There is only one person occupying the unit.

Personally I'd do whatever my atty told me to...It's probably a couple hundred bucks to make sure I'm meeting the req's of both the security deposit laws and the BK laws when I send them info. 

Personally, I would look into using creative finance.

@Kim LeJeuneI have to assume that it was a rental house, as opposed to your personal residence or a flip.Each monthly payment has 3 components: interest - taxable as ordinary incomereturn of your principal - not taxablecapital gain - taxable at various ratesYour down payment has components #2 and #3.Interest should come from an amortization table. 

But that appreciation can be withdrawn tax free, that’s a big deal  With your income I’d target having paid off properties generating $2-3,000/mo cash flow instead of $2-300. that lowers you’re required properties by 90%. just as important you get to  leave California and save 10% on income tax and 50% on personal housing.

I was looking into a virtual number such as from RingCentral so that I wouldn't have to use my personal cell in any guest communications, but I also noted that many of the PMS such as OwnerRez and Lodgify offer SMS messaging.