I am talking about current operating assets: what did they underwrite for rent, other income, RUBs, taxes, maintenance, turn over, etc.  

But what are the tax implications of such a situation?

Despite the property taxes going up, the cost of maintenance and area rent prices going up...

Taxes can be high depending on what you do with the property after it's built. 

@Munjal Adhvaryu we have a lot of Canadians investing in Detroit because there's only a river separating the USA and Canada.So, we're very familiar wth LLC and tax requirements for foreign investors. 

I wouldn’t sell most of my properties for double the tax assessed value.

If you are buying in your own name, then obviously you won't have this as a formally separate entity.But the bookkeeping will be so much easier at tax time if you set up bank accounts for the rental property separate from accounts you use for your personal expenses.

Besides that, my taxes are relatively simple, W2 job. 

There also may be ways to enjoy some tax benefits in other types of taxes like gift and/or estate taxes, depending on your goals and family situation, if those are topics that you want to discuss with your estate planning & tax attorney as well.

My father in law would say Yes, but that is also why we don't prepare his tax returns.