@Doug Webb for commercial class residential (5+) units, the general guidance you'll get is that you should be taking possession via an LLC, as there are no real advantages to not doing so besides the minor overhead of forming and maintaining the entity.

Most who possess both attributes recognize its more profitable to simply build for themselves which leaves very few qualified builders for 4 unit ground up projects and those who are truly qualified have to be incentivized monetarily to take on such a build which cuts into your margins.

Actually, the majority probably are somewhat reasonable in their expectations and although their questions may smack of naivety, they just want some knowledge at to real estate investing.However, for the minority that come to the forum with an “attitude”, they seem to possess all the negative characteristics of entitlement.  

This means that it doesn't possess a user-interface that would allow you to make modifications according to your needs.

Adding some artwork to help give the place more character - $100-200 on Etsy or Society6 can get you some really unique prints that will help your apartments show well in listing pics and really set them apart from the competition.If you have the space outdoors, the quickest and easiest amenities to add are a fire pit and BBQ grill (or maybe a patio as well, if you're so inclined). 

You get possession of your property to earn $$..Make sure you screen carefully.

I have had others strip the house literally to the studs.. take their wows out on the house and you.So do approach them very gently and ask them what their plan is as you will need possession. based on their response will give you your next course of action.

We purchased this property because of all the intrinsic potential it possesses.

What did you possess that allowed you to succeed?

Following that up with when you have the benefit of ownership of real property - it isn't until you actually have taken possession of the property.So then, the question comes, when that redemption period closes at the end of 12 months, does your holding period start with when you acquired the right to collect the delinquent taxes and interest?