The larger the purchase price the greater the spread you need between purchase price plus holding costs plus rehab cost and ARV.  40k projected profit on a 600k project is too skinny for me. 

I’m trying to increase my presence to the local renter population.

If you've dealt with this how much did it cost and how much time did it take to resolve it?

He told me that without installing a sump pump system (at a cost of $12k), the foundation will continue to deteriorate, which could eventually lead to bowing basement walls—an issue that could cost upwards of $50k to fix.The inspector asked if the previous homeowner disclosed any water damage.

I really trusted my agent and knew several people who had invested in Reno so I took the leap after trying and failing for years to buy my own home in really high cost cities where I lived (NYC, DC, SF Bay area). 

-Transfer the property into an LLC – This may allow me to take ownership while potentially avoiding property tax reassessment, however this sounds like an involved process-Establish a living trust for my aunt and mother – The trust would specify that I inherit the property upon their passing and provide step up in cost basis but i'm worried that the living trust can be modified to have me removed (who knows what can happen) - My mother is somewhat volatile.I would like to live in the property and my mother will live in her second property with her husband. 

My interest in entity transfers is the ability to forego a massive increase in the tax bill upon reassessment.

It has been a very bad and costly experience. 

@Jonathan SniderFannie and Freddie do have LLPA's and the lower the down payment, the higher the cost.

There's no cost to use, and currently $25 fee for applicants.