Pouya,If this is a flip, the correct coverage will likely be a Renovation Builders Risk policy to cover the existing structure as well as the renovations.   

Put some unexpected repairs into your budget and get as much information from the existing tenants and the home inspector.

My job was to bring in new business which meant existing customers seeking to refinance their mortgage loan would not count towards my target numbers.

I don't see the point of this when REITs exist.

@Hugo Jimenez this is definitely not something that comes up very regularly; however, it is specifically addressed by Florida State Statute 83.59(3d) as indicated below:F.S.S - 83.59 Right of action for possession- (3) The landlord shall not recover possession of a dwelling unit except:(d) When the last remaining tenant of a dwelling unit is deceased, personal property remains on the premises, rent is unpaid, at least 60 days have elapsed following the date of death, and the landlord has not been notified in writing of the existence of a probate estate or of the name and address of a personal representative.

Since you already own rental property, you can generally expense items like this against your existing property.

I’ve heard both sides that I should and shouldn’t looking for advice before committing to starting an LLC any and all advice is much appreciated

Entitlement blinds us to the real hardship that exists in the world.

My other Full-time job is very demanding. at this point I will not be able to commit 3.

So, if your main goal is to save up for another investment, I would keep the cash and maintain the leverage on your existing rentals.The only tax consequence that comes to mind would be if you cared about deducting less interest payments since you would be having less..