Generally the only time this happens is when there is a discrepancy between the tax rolls and the observable situation.

.- Observe all parking and street sweeping signs to avoid being ticketed or towed.

A couple of observations. 

(rust belt) and not Canada  (short sales simply do not happen here for a variety of reasons ... perhaps fodder for another thread).Another BP member has already walked this property and based on the resultant list of observations/defects, I have an acquisition price range in-mind.  

During an eviction or whatever.They might end up knowing more about your personal life than you'd like, just by observing what's going on at your house ("Looks like LL is on vacay...")My personal opinion is the pros outweigh the cons and close rentals are a great convenience.

What you describe can't be missed from the casual observer.  

Price is what you pay, value is what you get.Good observation and analysis by @Natalie Kolodij.

So that argues in favor of one LLC per property.If you co-mingle funds between yourself and the LLC or between LLCs, you are ignoring the corporate separateness of the LLC and providing grounds for a creditor to "pierce the corporate veil" - a fancy way of saying that they can ignore the LLC, too, and reach the commingled assets as well.So, if you are going to bother having an LLC, it's critical to observe the property formalities, like separate bank accounts and hiring bookkeepers and accountants to keep your books and tax records in good order.Presumably, you are in this business to build long-term wealth.  

From my complete novice perspective (I thought I was interested in it and went to a few, and I didn't bid on anything... just observed):1) There are some decent databases for NJ tax liens... they list when each municipality has their auction and which properties have a lien for sale. 

Any observations as to the change of environment in the area since four years ago?