It was bought at a sheriff's auction and have been debating if I should sell it this month or rent it out.

This may be a good way to even the power dynamic (I don't care to have the political debate here), but it still puts owners in a rougher position.

I'm debating excavating and replacing the foundation solely to make sure I can finance out some day.  

I know this idea is debated among landlords, but that's how we operate. 

Also looking to acquire the skills to eventually build a house from the ground up.Right now I'm still enrolled in school majoring in business management and debating if I should go for a dual major in IT.

For a turnkey rental, deductible as mortgage interest, for a flip or extensive rehab - the topic of some debate, but generally included in basis, but could be deductible.

I am beginning to see that the LLC debate is a matter of personal opinion.  

I have some reserves for this time period, however I'm debating wether to use those start up funds for marketing and start wholesaling (or rehabbing if i can get fully funded, which is highly unlikely).  

You no longer have to debate the difference between "minimal" and "some" work.  

Don't let the LLC debate stand in your way of taking action!