However, I hate the thought of putting my neck on the line for what is essentially gambling, without getting that nice monthly inflow that makes it all worth it.So, I am thinking of investing in a town about 2 hours away.

Signing over a property with back taxes already owed on it to an LLC sounds like a "fraudulent conveyance/conversion" to me - and your husband will NOT be protected.

@Terrence Evans  GSU is likely to get Turner Field, but you'd be gambling to buy in Summerill and Peoplestown in hopes of a turn around.  

Guys banking on 10, 15, 20% appreciation in markets where housing is already pricey is quite a gamble.

I've heard alot of investors say they would never own a property that could flood however I know that some people are willing to take the gamble.

Maybe previous owner spent all the rent revenue on gambling and couldn't pay the mortgage.

Entities that are set up to create notes for no bonafide business can be struck down as being fraudulent conveyances to defraud creditors.

the only gamble with this approach is the timeline for the final sale.

You are proceeding with buying a property before evaluating it, this is called gambling.

These were not fraudulent sales.The block/school district matter for your appreciation.