The practical way to look at depreciation is that without it your current tax bill will be higher, and with depreciation your current tax bill will be lower.

I have had my eye on some upcoming tax auction properties, mostly to watch and learn from the process, but if they go for the right price I may try to bid.Anyway, I am trying to do my due diligence stuff ahead of time both for practice and so I feel comfortable bidding up to a pre-determined limit... but I want to make sure I'm understanding everything right.1) Tax DEEDS - I've been searching a lot on these forums and it seems like there's more about liens than deeds, but in Idaho, it seems they do tax deed auctions. 

While wholesaling itself is a completely legal and valid practice, when you start getting creative, you can easily start making some moves that can land you in hot water (if you get caught). 

It may be a non-issue to take out the cash even though it's in an LLC.Also, I agree with @Michael Plaks that this is a topic that has been debated endlessly but in practice have seen LLCs for each property or grouped by similar assets (SFHs, land only, etc).

It may be advisable to run your numbers with just a small repair budget as a matter of practice.

I would love any advice or comments on what to expect, best practices, good things to know, etc.

Practically all older houses will have some pest damage.

Disclaimer: While I’m an attorney licensed to practice in PA, I’m not your attorney.

Part II: what are some best practices when just getting started, to keep the whole transaction history for my first property separate so I can easily provide that information to a buyer years down the road?

Broker/my mentor is suggesting to be realistic, and present a price that reflects what the new buyers' expenses would be.Is it more of a standard practice to calculate the price based on current owner's expenses, or future owner's expenses?