Once the drywall was removed, I ended up having to strengthen the joists up to 10 inch joists as there were only 2x8's up there in between floors.  

Hi LaShon, I do recommend an LLC to hold your investment property(s), especially if you have significant personal assets.

We are accredited investors and real estate brokers, and we are in our 70's, and we live in Maui.

Once you’ve built some confidence and systems, you can start exploring additional markets.I personally focus on 2 markets that are about 20 mile radius.Make sure the market(s) you choose align with your investing goals, whether that’s cash flow, appreciation, or both.

Memphis is a great S-8 market!

For example, in my state PA there is an inheritance tax and many TAX auction properties originate from people passing away and the heir(s) not taking control over the estate and paying those property taxes.

He’s constantly handing out free advice, wrote the book on 1031’s and handled mine last year. 

Quote from @Tom S.: @Jacqueline Wright  Every auction is different so the first items to check: do they allow financing if you win the auction? 

I am worried for two reasons: removing the garage will reduce the value of the homes more than the extra unit will add, and the property value will not increase that much with the extra unit(s).

My LLC in this project is set up as an S-corp.Thank you for listening and any color would be greatly appreciated.