Red states, red counties, red municipalities is optimal.

You can optimize your leverage because the TK company has already bought and rehabbed, either using its own cash or a bank loan program it has in place.

I have been studying SEO (search engine optimization) for a while now.

So a Steak and Shake went out of business OR did they move to a more optimal location??

@John D. and @John Underwood, the reason I am concerned about the difference is that I'm trying to optimize my pricing.  

http://www.nationalcomfortproducts.com/left-menu/ComfortPack/Spec-CPG-U.pdf

"Invest as if you have no money and invest as if the market will crash tomorrow"I forgot who or where i read or listen to this but i am pretty much optimizing my portfolio base on the above and ask this very question on every single investment purchase now. and Yes, according to Grant, Robert Kiyosaki, Petter Shiff, Trump, etc...there real crash is just around the corner. the 2008 one is just a baby one.I believe them. and prepare every single minute now. 

.), then to set up a series LLC w/ 2 series, each w/ a different tax structure and one w/ a tax-optimized operating agreement.

While clearly you can do it yourself (setup, design, lead pages and generation, search engine optimization, auto-email response), this is a lot of work.

Another thing to keep in mind is there are more optimal properties to maximize rent per price paid.