This deal doesn't meet the 2% or 50% rule of thumb, but it has positive cash flow and is in a growing market, according to the latest 2024 Top 100 data from BP. 

When a tenant moves out, transfer the deposit back to Checking so it's ready to apply towards expenses or to refund to the Tenant.If you end up with excess funds in the Checking account, I recommend you transfer it to a third account that is specifically designated for future investments.

Certainly one account for each LLC, (separate for security deposits based on your local rules)

I'm seeking advise from people who may have been down this road before on whether we should seeking other financing methods to go LLC to LLC or quit claim the lot back to our personal names to satisfy the 1031 exchange rules. 

After that is done, head over to IRS.gov and apply for your EIN (Tax ID).

There are a lot of rules to follow, but make sure you have a great custodian. 

Quote from @Red Smith: Sheriff Sales are conducted by counties, so each county will have its own individual rule set for how the auction is conducted.

In general, these are the rules.

Still tons of deals that hit the 1% rule and positive cash flow here and you get amazing appreciation potential.

Asking in the correct forum will get a better response.Read the RULES!