A FHA 203k Loan is where the purchase price and rehab costs are rolled into a single loan.Assuming you have a respectable FICO you can buy, with a FHA Loan (3-5% down, a 30 year amortization schedule, and a residential loan rate) AND because you closed personally, you will not have Asset Protection, in the form of closing in the name of a LLC/ LLC taxed as an S Corp, or an S Corp.

They are the ones protection your investment. 

The LLC is there to protect you from liability when doing business by SEPARATING your business from your personal.

Exceptional Risk Management - Knowing how to structure deals to protect investors first, even at your own expense.3.

If it’s in an LLCs name it s protected if maintained correctly.  

Just trying to get as educated as possible before making any decisions, and setting up my asset protection accordingly. 

Here is my simple Top 5:1.Review the market – Understand the trends and conditions in the area.2.Analyze the property and the numbers – Ensure the deal makes financial sense.3.Visit the property – There’s no substitute for seeing it firsthand.4.Meet the team – Whether it’s your property manager, builder, or contractor, relationships matter.5.Complete inspections and appraisals – These protect you from costly surprises.If all these boxes are checked and the numbers work for your goals, then it’s likely a solid deal.

If you are just looking for principal protection assets you can do a lot better than empty houses, if that's what you are doing. 

Our 4th Amendment Rights as landowners protect us against regulatory takings and that is why lots that were created prior to zoning or zoning changes are typically grandfathered.  

Also, if your state allows it, add a clause in the lease and attach a fee to protect you if they leave without notice.