I can promise you that my first deal was TERRIBLE, but I lived at a reduced monthly cost to living than renting/buying a single family and that is what mattered. 

@Fabio CattolicoFrom my experience, balancing career growth, cost of living, and real estate goals is a smart move.

I believe this is what they call a pier and beam foundation which I have no experience with so I have no idea what it would cost to fix. 

Keep in mind the costs for property management, maintenance, and vacancy rates to ensure you're budgeting appropriately.

Purchase properties at a discount that need renovation work to then sell at a higher price profiting at least 15%+ cash on cash returns of all in costs each deal.What is the outcome?

Note that Sec8 comes with added costs & issues due to bureaucracy and state of the HUD departments in the area.

If the raw land is worth $1.4M–$2.03M as you mentioned, you’ll want to make sure there’s enough spread for an investor to feel comfortable, especially if they’ll need to front construction costs.

John said no, that our offer wasn't going to cover the design work and I asked him what the cost of the design work is.

@Matthew McleanBigger Pockets is a great place to find an accountant specializing in real estate taxation.A good real estate accountant can save you thousands of dollars by leveraging entity selection and formation, tax deductions, cost segregations, bonus depreciation and tax planning.I recommend finding an accountant specializing in real estate taxation, business taxation, financial planning and tax planning.Consider working with your accountant remotely to expand your options.I would also recommend looking for an accountant willing to work with you throughout the year.

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.