First of all, welcome! 

Right after I closed on that one the insurance company demanded I make a couple thousand dollars of repairs.

Even after one year, that property may provide thousands of dollars worth of appreciation, you will pay down your loan and build some equity, and you can depreciate the asset. 

Call the offices of some of the custodians that interest you and see how the phones are answered.

Quote from @Alex Brown: Seeking recommendations for a CPA or Tax Strategist who specializes in RE and REPS Status.This post should help:https://www.biggerpockets.com/forums/51/topics/1222774-expla...And none of us is allowed to offer you our services as long as this post is in the tax forum.

Glad to have you as a part of this awesome community, Aqualis! 

Yes, it could fit the bill on a pad split.

Depending on the scope of the conversion it could get quite expensive as well.

Many of the investors i work with start buying in their own name and then move the investments to an LLc after you acquire a few. 

That's a great approach in terms of starting with a 3-month lease.