You are now the proud owner of a rental home which is reported on Schedule E page 1. All the expenses including interest, depreciation and property tax for this property will reflect on Schedule E.
The additional cost to fix up the property will be capitalized and depreciated over 27.5 years. If there were items in the house that were fixed as regular repairs or were minor amounts, you can categorize them as repairs expense on Line 14 of Schedule E.
It is not a personal home.
You do not need to prorate between personal use and rental since it is 100% rental.
Renters insurance is always a good idea. However, I would recommend discussing you options with your insurance agent to determine the best plan that fits your needs.
You do not have to have an LLC to have a rental property. The LLC does provide some protection to you personally. However, with only one property, you may want to consider an Umbrella Insurance Policy to mitigate some of the risks. This is another discussion to have with the insurance agent. Note: LLC's are great, however they do cost more to set-up and maintain (i.e. filing requirements).
You should file a tax return in Mississippi due to the rental property. However, keep in mind that by the time you pay all the expenses, you will probably have a break-even/loss scenario. Review the Schedule E for all the different types of expenses and there is also the other deductions section at the bottom. This is usual after depreciation.
If you have any questions, please do not hesitate to contact me.