Using this approach, you could end up owing his estate upon his premature death.

Debris should be removed from the roof surface to prevent premature wear and proper drainage.- Repair: Pointing of deteriorated mortar between the bricks of the exterior walls is advisable throughout to prevent further deterioration (front and rear).- Repair: Damaged brickwork at the rear wall should be repaired to preserve the wall.- Repair: The loose siding at the front porch roof line should be re-secured to avoid wind-damage and varmint/pest entry and moisture intrusion...

Do you really want to track work orders and find someone full time that will fix these with barbed wire and bubble gum?  

@Colin MurphyWelcome to BP.While it is probably premature to create a holding company for your future properties at this point, it is good you are thinking about it now.A Limited Liability Corporation (LLC) is an entity which straddles the worlds of sole proprietorship and the corporation.  

My painter prematurely repaired and painted over the ceilings, which allowed one rainfall to taint a brown fringe around where the old hole in the bedroom ceiling was before we finished the roof.Throughout, they never answered their phone or texts, forcing me to come up to Baltimore and bang on the door several times per week just to communicate anything to them.

Daniel, if you are asking these questions, bidding at auction may be a bit premature for you at this time.

Laughing at your tenant's terrible tale of toe-nail tragedy is nothing less than a humilitating affront to his apparent inability to walk and chew gum simultaneously........

Once you decide on a house I have a lot more advice, but it is premature until you have the house picked out. 

It got gummed up.   

A normal equity investment account will likely induce the same amount of taxes on long-term investments as would an IRA or 401k, but it doesn't offer tax-deferred benefits with that compounding growth nor are there fines for accessing that tax-deferred account prematurely.