While it seems like there are some better priced deals lately, you may have to be prepared to put down 30-40% down.I'd say due to the lack of homes for sale, you should be open to many if not most cities depending on the deal that comes up. 

If your LLC is not registered in the state where the property is held, it may lose the ability to bring an action, such as a lawsuit.

What is the best course of action for a first time home buyer …it is harder to get a loan for foreclosures right ?

Be prepared to follow up multiple times, using different forms of communication—calls, emails, and if possible, in-person visits to their office.

.✅ Judgments & Liens Search – Since these no longer appear on credit reports, a separate search can uncover past unpaid debts or court actions from prior landlords.✅ Eviction & Rental History – Checking payment history, past evictions, and landlord references helps verify reliability.✅ Criminal Background Check – Ensures compliance with local laws while flagging potential concerns.Section 8 can be a great program for landlords, but only if the tenant is properly vetted.

My experience is many IRA custodians don’t prepare Form 990-T, so investors may need to hire a CPA specializing in exempt organization taxation.

With the right efforts and actions you can get there in 10 year. 

What we are working on is making sure that the business is organized and prepared.

Now break that into actionable steps.

Be prepared for a high rate/high fees