Your responses may be the missing pieces in understanding why the properties have been on the market for some time and the drastic reduction in prices.

One lease I was under several years ago with some college friends stated that any improvements have to be returned to the original condition or the tenant may be financially responsible if the landlord decides to return it to the original move-in condition.

As a contractor I always prefer a full gut but it does eat away the rehab cost and takes longer but no stress about plumbing, leaks, electric, lead paint and etc in the future.The patch up would cost less, fast timing, but then you are gambling with what's behind the wall and hoping nothing happens in the future.I assume most house that are purchase for BRRRR purpose are in distress/bad condition and old on some occasion.What rehab number would you go for?

Thank Yo for your responses.

The LLC might be good for all lengths of rentals, if that is the purpose of the LLC.  

Which tax number should a foreign owner of vacation rental home apply for tax purpose?

If they own several they are obviously investors.Once you get a response from the seller of the vacant house, negotiate a deal to buy it for all cash and get it under contract.

This is a long post in response and I may be way off base, but would really love to hear some of your thoughts again bc I am sure many of you have thought through similar scenarios!!

I have been fortunate enough to have great responses from BP members with the questions that I have had so far.  

Will I be held responsible for the unpaid taxes?