You have a distinct advantage here, in that you are trying to purchase in a complex where the properties are similar, so you will know what the average sold price is and the average rents are.

@Xavier Morales Having your license has some very distinct advantages and some very distinct disadvantages.  

Out of state investing = what wealthy Californians do to lose money.Do yourself a big flavor and don't mess with the equity in your own home.

It helps maintain clear distinctions between the entities.Liability Concerns:If all the LLCs are reported on the same Schedule C or E, there could be concerns about the separation of assets.

Do you see the distinction?  

Slow process if you purchase a foreclosed home and can have the original owner come back and demand their home back by paying whats owed-- not necessarily what it's worth.Trust Deeds come in more flavors.

Although I've seen quite a few if not the majority of folks use those terms interchangeably, we certainly see all 3 as very distinct/different and all 3 have their own subset of varying versions.

That's our little Detroit, (no offense Detroiters, just trying to draw a distinction between your place and ours!)

The rules for mobile vs modular (aka prefab) homes are quite different, so make sure you understand the distinction and how it is applied in your area

A real estate attorney doesn't necessarily specialize in business formation as it is a distinctly separate discipline.