Just make sure you document everything properly, and once the property is in your LLC, it can operate as you described.As for your concern about taxes, keeping it under an LLC is a smart move for liability protection and managing income.

I recommend documenting everything with the damage through photos, videos, etc. before cleaning up. 

Others might be fine with taking risk, but least by doing this a person can get an idea of what might go wrong.e) Legal document analysis: it will usually take a few days to go through the legal document properly, as almost inevitably there are tons of gotchas that either have to be explained, or mitigated with a side letter.That is the very short summary of what I do.

Quote from @Rajagopalarao Paidi: How much value goes down for a house with foundation issues, found a house for FixNFlip, they mentioned it has foundation issues and they got them fixed, but whats the value reduction from market price , How safe it is to purchase house like these Not safe at all unless you have an INDEPENDENT inspector who really knows foundation issues gets all the documentation from the seller and talks to the seller’s contractor and then conducts his own inspection of the foundation, house, and surrounding lot.

@William CoetHave you spoken to an attorney to review the documents?

What documents do they require, what credit scores do they allow, how do they verify previous rental history, etc.?

The city told us that all the owners of the 6 properties had to submit and sign a new subdivision application so that the city could issue permits and turn utilities on for the investors that were requesting it.

submitted a loan app to easy street not too long ago still haven't heard back 

Get all your documents together and be specific, without emotion or personal attacks. https://www2.myfloridalicense.com/real-estate-commission/complaints/When a complaint is filed against a Broker, the first thing the commission will typically do is contact that Broker and let them know the complaint exists.

Also, and thoughts on how detailed our documentation of the time spent needs to be?