I am open to hear any suggestion or advice to make better investment decisions and get more tax benefits like setting up an LLC .

You all must agree to the same thing or else you will just end up fighting about what to do.Since your mom doesn't have it in a living trust, I suggest you do that right away.

It couldn't hurt to call a couple attorneys right away to see what they say in terms of cost and suggestions for dealing with this quickly.In terms of mitigating any legal issues with your tenant be sure you are documenting every conversation you have had with the HOA in terms of asking them to make the necessary repairs.

But the rental too does have to meet the "active conduct of a trade or business" threshold, which does mean you wouldn't qualify to use section 179 if you have a rental that is managed entirely by someone else and you aren't at least overseeing it and making decisions about the management of it.I mostly disagree with the reply suggesting that you need to have an LLC to take the section 179 deduction. 

They started with 2 properties and are now at 15+...I would suggest you staet with a great property manager and go from there.

I like and appreciate both of your suggestions!

Andrew gave some good suggestions.

I’d suggest exploring a bridge loan that covers a portion of the purchase price along with 100% of the renovation costs.

Hi Steve,Welcome to BP.There are several Meetups for Real Estate investors in Albuquerque.I suggest you go to Meetup.com and search.

I'd also suggest self-managing your first property to maximize cash flow and learn by doing for any future investments.