Also, if you form an LLC to hold the property, you will need a designated agent(attorney) in that state. 

@Patrick Roberts wrote:"@Jay Hinrichs I know of one person who is buying high LTV preforeclosures Subto while they’re off market by paying the owners around $10k-$15k to walk away, quit claiming them into an entity, then seller-financing the entity holding title to the property to owner-occupants under the pretense that it's for commercial purposes on interest-only balloons at inflated values."

I would be very concerned about someone holding the 50k deposit for finish work at the end..

If you're a newer investor, unsecured private funds will most likely be your best option, however it wont work for a simple buy and hold.

Myself and a friend are looking to get into investing in buying hold single-family homes.

Start by defining your goals—cash flow, appreciation, long-term holds?

If your cash flow is break even and you don't expect a groundswell of appreciation, why hold it? 

We make people take photos of themselves holding their ID and then I also meet them in person for the showing - at least for my units on the NW side of Chicago.I've never heard of these testers, but I am not surprised. 

Investment Info:Single-family residence buy & hold investment.

I was just looking to turbo charge that a bit because as we know property values have gone up and buy and hold in a SDIRA just moves to slow even if you can max your SEP.