What I don't understand is how should I think about the tax benefits when holding rental property in an LLC.

I understand this can be fairly geographically specific.

Clear expectations have to be set and an understanding that in almost all cases, net worth is built slowly, deliberately and over time. 

We don't understand the 60 day feasibility and 30 days after permit to close.

So let me understand, you want to purchase a property withOUT cash flow ( I will not do anything for less than 15% NET ) with the hopes it appreciates.

Understanding these rules is essential for investors seeking to capitalize on the short-term rental loophole while maintaining compliance with tax regulations.

Plus, like a foreclosure, DILs get reported on her credit report, though I understand they get treated less severely.The basic requirement of a DIL is that it has to be 100% completely voluntary.

I used to live there for a long time so I have a good understanding of the city.

This is a two-way interview, so have a short list of questions to ask the mentor (What books do you recommend I read to gain a better understanding?

Do you understand your options regarding foreclosure if they stop paying?