Correct.

Yes, it can be done and it can be done correctly.

So if I understand correctly, RWN brought shady deals to their investors, watched them invest without proper due diligence and investors got screwed?

You are correct; I made an assumption that we wouldn't be able to sell through a realtor based on the factors against us.

If things go wrong on a $500K flip vs $1.5 million flip it is much easier to correct and you risk of losing money or not making the profit you want is quite a bit lower.

Let me clarify:You’re correct that there are some parallels.

I think Natural Gas dryers have 110V outlets but electric only dryers are 220V w/30 Amp breakers, if I'm remembering correctly. 

Here are a few tips:Asset Management: Holding your property in the LLC can protect your personal assets, but check with an attorney or CPA to ensure it’s set up correctly and complies with local laws.Rent Collection: Collecting rent through the LLC simplifies accounting and keeps personal and business finances separate, which is a big plus for taxes and liability.Property Management: Since you’re self-managing, the LLC can be used to formalize agreements, pay vendors, and manage expenses—treating it like a professional operation.Just make sure to consult an attorney or accountant to align your setup with your goals.

This is fun if you’re tracking correctly.  

I am admittedly a newb in the process of getting all of this set up for my first rental (so correct me if I'm wrong) as well but I have some IL-specific perspective to offer: From what I have read, as of 1 Jan 2024 in IL, landlords cannot exclusively accept EFT payment of rents (includes Venmo, Zelle, etc.) for leases starting on or after that date.