Lastly, your going to want to get with local governance, a lot more then normal.

Appreciation on the other hand is the biggest piece of the real estate pie.

An LLC with 2 +members does normally require a 1065 filing. 

They know that a STR brings more $$$ than a LTR would so they want a piece of that pie.

I do own two triplexes in Scranton, and I will say the one issue is that you are going to be taking care of the utilities normally if they are not on separate meters, which could take a good amount of money away from your overall cash flow. 

According to NYC, STR is hurting housing affordability just like normal people can buy a house or condo near the Time Square and Madison Garden. 

If it is a normal occurrence I would be concerned, connect with local boots on the ground before doing anything out of emotion. 

You did things outside of the normal without proper knowledge.

I don't mean to come off as a conspiracy theorist - I'm not saying this is normal; I have no experience with foreclosures, just parlaying the message. 

So as a newer person in an area if you want a lot of bids before you close you'll normally end up with the more expensive guys or the ones that don't have work at the moment (usually for a reason).