In Texas the only annual costs for the LLC will be filing the tax return and franchise tax form if you use a CPA to do it for you.

Also, would anyone suggest getting certified mail with a return receipt?

Frankly in order to avoid any potential litigation, and if you aren't concerned with a potential return post the 60 days, I'd wait until all their stuff is out.

Some lenders may offer to cover closing costs in return for a higher interest rate.

This is not the approach for a typical investor that is looking for returns.

Do you really want to be operating a business.I would sell and invest the money in a income fund of some type that could probably generate a 8 - 10% return without a problem.Let your children get loans if necessary.

on my tax return?

The difference of fair market value versus what you pay would likely be considered a gift to you, which may require the filing of a gift tax return, and would eat into their lifetime exclusion depending on the amount of the gift. 

I look for 10% COC returns as you can see in the model and per my analysis, you would reach that by lowering your offer.AssumptionsDownpayment: 20%Closing Cost: 6%Amortization: 25 yrsInt Rate: 5.3%Occupancy: 90%Purchase price: $240kPurchase Price: $160k* I hope this helps and makes sense.

When he returned I issued him a non-renewal of lease notice and he had 30 days to vacate.