It's not as easy as the social media gurus preach. 

Seems to be decent on Airbnb with the guest house/ADU units with all the hospitals nearby.

Down Payment: 20% of the purchase price, equal to $43,0003.

If the OP doesn't pay the taxes then the property will go to tax sale again and he will be wiped out.

Purchase price: $230,000 Cash invested: $283,550 Sale price: $283,500 Purchased off market. $25,000 Rehab. $20,000 profit after realtor commission.

@Chanel Snerling if you're going to rezone in those Neighborhoods, you'd be better off going with max number of units possible.What construction project development & management experience do you have?

Nothing will piss off the inspector faster than missing an inspection.My last piece of advice, in an effort to not make this a book length post, deals with the money.

It may take 1-2 years and by the end you will have forced some appreciation from the renovations but also got some natural appreciation from the market.

Little did I know it would take decades to ripen :)3. bought a foreclosure sale .. traded the house for the 3 acres the person who owned the house. 

Why not take his name off the LLC and put it in your name now while the LLC has $0 of value (or whatever nominal amount your articles of organization or operating agreement say that you contributed)?