This is what I got from the seller.Remodeling: No remodeling has been done recently but is still in good condition and almost like new: a new 50-year metal roof; new central air and heat; new cabinets, sinks, etc., in the kitchen and baths; new flooring; a new driveway.  

Drive by the properties you are interested in to see the condition of the land/building and neighborhood. 5.

Not sure what the benefit is in lending from one LLC to another....I'm open to hear what you were thinking....but the next step is for you to find a lender that writes portfolio/commercial loans and find out what the terms and conditions are on their loans. 

So in this condition, it really boils down to the location and that is the key.

But the 5% that go to foreclosure are often homes in very poor condition or sometimes worthless strips of vacant land. 

@Jacob ChoStarting in real estate investing, especially out-of-state, requires assessing financial situations, timing market conditions, and choosing the right property.

Besides the long investment cycle, you have to know a lot about zoning, development, local politics, irrigation, farming, subsoil conditions, easements, utilities, development costs etc  Don't fall for the idea that just because you bought it at an auction means you've got a deal.The "easiest" land game to get into is to buy buildable infill lots

Too many operators are procrastinating telling the true story, likely because they hope conditions will change and they won't have to share difficult new.  

Insurers are now looking at roof conditions, over hanging trees, type of water pipes, and electrical. 

I would also try to familiarize yourself with local landlord-tenant laws, including fair housing regulations, security deposit limits, and notice requirements for entering the property or terminating a lease.Prior to renting, conduct a thorough inspection of the property before the tenant moves in, and document the condition with photos or a video walkthrough.