I'd like to keep things relatively close as we get started, perhaps grow out once I get my processes and systems nailed down.

An LLC creates a legal separation between you and the property, so if something goes wrong—like a lawsuit or debts related to the property—your personal savings, home, and other assets are shielded.

Our attorney is very clear about what we can and can not communicate related to criminal background and that is why self-managing can be a mine field when it comes to application qualification criteria.  

Mobile homes are relatively cheap.  

I have a few realtors whom I have relations with however my network does not specialize in creative financing.

Reasobable terms are relative, but that's a pretty serious budget for a property valued at $55K.

Depreciation for what is left after bonus depreciation, the building itself, is indeed prorated, however it's a relatively minor factor compared to bonus.And read this post please, since there could be other things not mentioned by influencers: https://www.biggerpockets.com/forums/51/topics/1122635-the-s... 

Hello BP community,I am a relatively new out of state landlord and I have a rental on the market in Bluffton SC, which has been hard to get rented.

@Michelle SharkoAnswering questions in step by step fashion:- Is it a good thing to do or not is a personal finance decision and it depends on the person asking it, their risk tolerance which in part has to do with how this HELOC or line of credit works and how your personality fares relative to taking on new debt (a person more adverse to debt might have sufficient savings and temperament to pay down/back the debt versus a financially liberal person might get in over their skii's as).

I had looked for the relatives of the deceased owner before with no success.