Smart, safe real estate and an easy way to mitigate risk.

(as alluded to above) If the odor is not properly mitigated that will cause ongoing problems.

Talk to insurance agent about umbrella coverage and mitigate most of risk that Properly prepared LLC is meant to avoid.

You'll want a Wind Mitigation inspection to see if you can get any discounts -- they can add up quickly. 

If you factor in improvements that mitigate the downsides of a property near highways and freeways into your rehab equation there could be a win.

There comes a time if you own many houses, that owning them through a LLC might help mitigate legal risk.LLC can either be disregarded for tax purpose, which means that in general you will elect to file for tax and get taxed on net income as US persons are (with minor differences on exemptions/deductions).

But they can be mitigated very easily.

However, if you sign a buyer's broker agreement that guarantees that the buyer agent is paid commission, and that buyers agent loses the procuring cause fight, you could potentially be on the hook to pay the buyer's agent, so clarify that up front.As to the lack of disclosures, that's a risk, but one that you can mitigate with a home inspection. 

It gets cheaper as you buy more units, easier to mange and mitigates your risk.

It's those maniacs that buy homes cash via quit claim deed off of craigslist that really get screwed.Make sure your property manager is a licensed real estate brokerage.Google Clayton Morris and/or Morris Invest for a cautionary tale of what not to do when buying turnkey real estateUnderstand you can not eliminate all risk, only mitigate it.