That adds a lot of expense if you can even do it.All this I guess depends on how much risk you want to take or not take or can afford to take.

It generally doesn't make sense to build anything on the land to then tear it down and build something else, unless development explodes and you're tearing down ramshackle to build expensive.

-Evaluate our rentals for cost savings/reduced expenses/potential sales.

This helps you identify which factors drive the best returns and make confident, informed decisions.It’s also important to test your numbers with scenarios like higher vacancies, unexpected expenses, interest rate changes, or rent adjustments over the years.

One mistake or big unexpected expense could ruin you if you only have one or two rentals that are not cash flowing.That said, especially in the current environment, if you are coming from a very strong financial position then there may be times where it may fit your goals to invest in a highly appreciating area with no or negative cash flow.

CA's Secretary of State forms list the name and address of either a manager or member, so unless you're hiring a third party to serve as manager of your LLC, anonymity is very hard to achieve once filing publicly in CA.As to the probate part, you're right that going through a court probate is a huge hassle, including being expensive and time consuming. 

The only reason conventional will not allow it at all is if you do not have a current housing expense. 

I've done some expensive real estate investment training programs in the 1990's and early 2000's that a lot of people complained about, (or even asked for refunds on) yet each time I did these trainings, I learned new skills and strategies that helped me grow my real estate investment business.  

However if the owner does not redeem you'd better be sure the property is worth your bid and expenses. 

Do not mix money and expenses, or it won't protect you from lawsuits as intended.