Just like inheriting a property with bad plumbing, taking on an LLC in this fashion can POTENTIALLY cause lots of problems.

It seems unrealistic to believe it would just be surface repairs.

Investors are old fashioned, lazy not very smart or tech savvy, can't see the bigger picture have no patience, refuse to leave their old ways behind nd invest time and effort (and brain power) into new ways, they don't "get with it", they don't get with the times, they don't educate themselves, they think they know better.Here is my investor journey in a nutshell.I came to BP, most people gave me cra advice, I didn't agree, but I tried anyways, failed, I said, screw this, I am doing this Y way.

If you think you'll enjoy WORKING in real estate as a LANDLORD, then you should try it in whatever limited fashion you can (remotely in your case at first). 

@Jonathan Taylor SmithI keep hearing about off-market deals; what is the best advice you would give to someone still scratching the surface of the basics of buy and hold and flipping?

Usually, it'll take 3-5 touches to convert leads into responses, however, responses can surface before 3 touches too.

On the surface you would think that a higher cap rate is good.

You could also look int programs like the good old fashioned Dave Ramsey Plan or talk with the folks at the CCCS (Consumer Credit Counseling Services) https://credit.org/cccs/.

@John Wahba On the surface it looks interesting, but after adjusting some figures that I believe are low, your returns will be decreased.First, $10,000 in closing costs seems low to me.

This is actually more a gray area than it appears surface-level...IRC Sec 1402(a)(13) was codified in 1977, before LLCs were even on the Treasury's radar.