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I've posted on this subject quite a few times, feel free to check out my previous posts but your objective as a real estate investors should be to avoid claims and what you are proposing offers no greater protection than owning the real estate in an LLC in the state where the property is located or where you reside. 

Srinivas,Looks like you are in Texas I know El Paso has some good cash flow rental prospects.

First you have to determine if you want to go Lead Free or Lead Safe.

Happy to go into more detail with you on how we do this, so feel free to reach out with any questions.

Some arbitrage operators also try to get multi-year lease terms, security deposits waived, free rent up front, and the like.

Purchase price: $250,000 Cash invested: $50,000 Mixed use building in Brooklyn that my family has owned for more than 25 years.

This allows you to take the first $250k ($500k if married) of the gain tax free.

You could agree to raise the property price by some percentage of the repair and finance it into your mortgage to avoid taking the financial hit in cash if you are financing the purchase.

They offer cash purchases.