Incorporate what if you die, what if you or a partner want to sell how do you value, opening bank accounts, contract signing, etc.  

You can only play games for so long.Chances are your next door neighbor is an IRS agent and turns you in when your tenants blocks their drive or some other random event disturbing your IRS neighbor.ADU catches fire and your insurance won't cover you, because it was an illegal and unpermitted structure.The city inspector told the last guy not to build or rent it, and is now pissed and wants to make an example of you and just red tags the whole property and no one can occupy for the next 1-2-3 years while you wait for a hearing.Then when you get the hearing, "staff" recommends you tear the whole structure down, and if you still want an ADU, you can apply for a permit and rebuild it.Your tenant quits paying rent and won't move out and you can't evict them, because there is no valid lease and they're just your "roommate".Probably a dozen other bad things can happen to you when you do stuff like this. 

That should catch most of these issues.Some, you'll never know about until someone actually lives in the property. 

No need for management LLC's, LLC's in WY, DE or any of the other states that are inaccurately deemed to be better for incorporation.

Reading markets like Allentown, Pennsylvania, from what I’ve heard, have been quietly catching investors’ attention lately.

I have eyes on a property that I could get at about 120-130k after speaking with agent.

Not too shabby for land appreciation.That said, I’d keep an eye on the Elon Effect down southeast.

The catch is that it must close before January 31st, and I had to use their lender, DHI.

In my eyes, "heavy" competition is very subjective.

What caught my eye was how timeless your question is - high prices and tight cash flow are still big challenges here.