Compare that to Vegas, where rules can be restrictive and condo-hotels often come with sky-high fees or limits on how you can use your property.

Then in a few years you can find a 3rd tenant for the master, pull out equity, buy a new house, rinse and repeat.

@Rickie LattimoreGive up 95% of the equity - oversee the properties and collect a management fee.

For what it's worth, I'm no longer insurance licensed since I took my practice fee only.

LLCs require additional filing fees and tax returns and just complicate things.

I usually try to work things out with people, saves a lot of attorney fees and makes for a better life.

This structure simplifies management, centralizes ownership, and provides an extra layer of liability protection.Tax-wise, the state where each property is located will still require income tax reporting and LLC fees.

My figures are below.TaxDeed Winning Bid: $489.00 (My Bid May 2013)Property Clean-up: $450.00 (mowing, trash removal)Taxes & Insurance: $80.00 (2013 & 2014)Sale Advertising: $130.00 (Signage, Newspaper Ads, etc)Filings & Legal Fees: $245.00 (Deed, Lien Releases, Sales Agreement Docs)Total Costs: $1395 (approx)Sold for: $3250.00 (August 2014)That is better than the 25% I would have received if the property was redeemed during the redemption period.

I hope to net around $800k after fees and closing costs.

Would love to be able to do some value add so I can pull my money back out to reuse.