I think if I wasn’t a lawyer I may not have had the appetite for it.

It seems that there are a number of fixer-uppers and foreclosures out there that tend to suppress values.

First thought that comes to mind is a sprinkler fire suppression system.

@Marty Summers It's been my experience that all banks have different appetites for risk, properties, and borrowers.

Hi Stefan et all, I too am a newbie just starting to explore and learn about REI so at this point have no much to share but an appetite to learn. 

If there is one vacant house, the other property can still cover some or most of the expenses.Again, these are my thoughts you should go with you comfort level and risk appetite.

We all have hedge funds/investors with an almost insatiable appetite for these loans and nearly every lender I know sells all, most, or some of their paper.Just a heads up that a local "big bank" is just as likely to sell your loan as I would be.

Kristin and I are confident we would be able to submit forms and setup the entity online ourselves, but want to suppress fears some with this conversation.Thanks for the tip,Brandon & Kristin

I think the answer is very dependent on your appetite for risk.  

And second I think you need to really characterize your risk/return for both approaches you've outlined and see how that fits your personal appetite for risk.