Quote from @Paul De Luca: @Sean McKeeThat's a good price on a 2-flat for Berwyn and I'm guessing the property needs some work.Typical Berwyn rents for the units you have described (at market levels) usually range from $1200-$1400.

What is relevant is that if someone else pays for your purchase (note: in retail home purchase it's a lien holding mortgage company that de facto owns your home and holds deed of trust until you pay them off if you get a loan to buy house) it is not in itself an indication of your evil intent or evil nature.

Best regards,Steven de Lange

Should I be forming my LLC in my home state (NY), Delaware (LLC friendly) etc.?

So check your operating agreement and consult with an attorney knowledgeable with Delaware law (or whatever state it's incorporated in).

Hello Rolando De la Cruz, I think I can help with your question. 

I have attended conferences where lawyers have spoken on using Wyoming or Delaware for this purpose.  

Even if delivered vacant it can take a considerable amount of time to legally de-regulate a stabilized building and it mostly requires you to have the units vacant for a period time (no cashflow).

I am from North Carolina but manage my current rental arbitrage properties in Medellin, Colombia & Rio de Janeiro Brazil.Now, I am looking to start buying real estate - likely in the Raleigh/Durham area of North Carolina where I am from, but also open to new markets.I stretched myself very thin on my arbitrage business, so my cash is very low. 

Quote from @James De Stefano: Some of the more seasoned vets here know all about foundation repair, but for thought this could be helpful for anyone starting out.  60 seconds background:Houston is essentially built up on a swamp, couple that with back 2 back brutal summers with little rain, and nearly everyone I've talked with recently has some sort of foundation issues creeping up.