Very generalized rule of thumb, expenses usually land around 50% of gross rent.

Can I create a new lease with the new tenant while current lease is still valid ?

Sounds like you'd be doing better than the 1% rule and could potentially have a small down payment.

You can't go back and change it after it has been created.

I learned that during a downturn is truly when real wealth can be created, BUT; you need three things in order to actually make something happen:-Knowledge: understanding your market and recognizing an opportunity-Cash (or access to cash): Banks don't take chances when the market is down. 

I create my own LLC all the time. 

@Dillon Seal yes it is certainly legal but the lender has to comply with much more strict rules if you are going to live there.

I don’t want to make the mistake of setting up an LLC or S-Corp too late and running into problems, but I don’t want to deal with fees and a ton of paperwork for a business that isn’t creating income yet.

As such I created The Ultimate Guide to Grading Cleveland Neighborhoods for you guys so you know what you are looking at when you're checking out Zillow & Realtor.com. 

I try to pay attention to the rules, but a couple of times I've stepped over the line of "self promotion" without really thinking about it.One of the best parts of BP is that they don't allow spamming.