Just pinging this conversation so maybe someone will chime in.

Use.Rently.com — (UPDATE), I just had a high-level conversation with Brian (Sales) and Joe (Dev Team), and the conversation went very well! 

Was having a fun, purely academic conversation with someone and somehow the topic went from the stock market, ETF's, to real estate, to BRRR's and either he or I or both us came up with this and wondered is this a legit strategy that others have used?

Otherwise it was $17k without conversions.

Im happy to have that conversation with you on what to expect and where in that zip code you might want to stay out of.

Check them all out and see which would be the easiest conversion from your current situation. 

No one recorded any deed in a foreclosure, unless the sale happened, and then it would be a trustee's deed upon sale and if that happened, all this conversation is for naught.

I suggest contacting a few and having phone conversations with them to find the one that best fits your needs/situation. 

Conversely you are assuming the risk of maintenance, cap ex expenditures, and rising costs like insurance, taxes etc.

The conversation is best with an attorney, who can advise you on the risks of holding more than one asset in an LLC.