After much consideration, I've resolved to take action and pursue a BRRRR property.

@Alec Jacobs you have a good process as far as making them fill out a application before touring the property.

Are you looking to buy & hold, fix/flip, or wholesale properties?

I have purchased 3 properties in Costa Rica.

// Shared Ownership, Different Rules TIC Owners: Hold fractional shares of the entire property, but no one owns a specific unit outright.

Since you’re investing from (out of state), property management is everything.

It’s also worth considering a multi-family property for your first deal since it can help with cash flow.

Until now I've focused on distressed single-family and small multi-family properties for rehab into rentals (BRRRR).

Hopefully someone with tax accounting knowledge can jump in here with more detailed analysis, but I looked at this a bit several years ago...1) You still have to pay the depreciation recapture on the sale decreasing the net benefit of this approach due to the large tax payment in the 'sale' year2) The LLC would need to not be a passthrough entity so that it can be taxed separately from you, so you have to add another tax return cost for the years going ahead3) Taxing it separately from you likely means corporate status and corp. taxation rates which are higher than yours and I've heard many times over the years to avoid titling real property as a corp...Overall from what I've seen this only makes sense in a select few scenarios, which for most people aren't in play. 

In fact, it is usually an automatic no deal unless you are putting 50-60% down for an investment property, but at that point, it wouldn't be worth putting that much cash down on an investment property where you can get much better returns in markets such as Denver.