If flipping will be ongoing, electing S-Corp status for the LLC could reduce self-employment tax by taking a reasonable salary and classifying the rest as distributions.

The reason I say that is because, the IRS requires distributions (RMDs) in order to have the taxes get paid on that money eventuallyl. 

Unless it's cost-prohibitive, I'd remove it for the same reasons people have stated: 1.

This will be reason #6272 of why I won’t buy in NJ 

The issue here is in order to increase rents at reasonable rates to cashflow well you need to not just do cosmetic changes they require you to do extensive plumbing and electrical to be able to increase the rents. 

Hi Dave in Northern, NJ-I am sorry to hear you have a single family rental facing foreclosure.You have it in an LLC and wonder what your options may be to delay foreclosure.Lenders do not want to take properties back and have a nonperforming loan.The best time to work with your lender is as soon as possible but certainly before the sheriff's sale.After the sheriff's sale, there is a redemption period where you can still sell it and the length of time varies from state to state and may depend on if it is vacant (avoid that for a variety of reasons), if tenants have a lease and have rights, or if someone is occupying the property.Working with the lender may not be easy but do not give up.Also, reach out to investors, who buy properties in foreclosure or pre-foreclosure, and see if they would be interested in curing the default and buying the property.To Your Success!

The reason is the rent-to-price ratio is good so you can cash flow, and most of the West side doesn’t have a Point of sale inspection which is really annoying.

While a 1031 exchange can defer the recognition of a loss, it's generally not the best option unless there are specific strategic reasons to do so.

Quote from @Paige Gardner: Does anyone have Any HML recommendations I'm a beginner and want to get started right away but want to weigh my options  Hi Paige, Is there a reason why you need to start with a HML first?

Any rates must be reasonable."