@Courtney Jones sorry miss read your post did not see the "not" primary, defiantly put in an LLC, you can easily do  a single member LLC yourself and you can actually treat a single member LLC as a "direguarded entity" for federal tax purposes meaning you can file it on your schedule e on your personal return.  

Basically the period you were paid under the table would be treated as a period of unemployment.

Treat it just like any other "expense", and also like any other desirable "feature"......just like if it needed a $30k roof, it decreases your purchase price by that much....assuming buyers don't see and add any value for these systems when offering.  

As long as the containers are opaque and filled with treated water, they should be good for a year or two without changing out the water. 

My usual take on the subject is this: why treat REO's any differently than any other property for sale on the MLS?

As I transition to treating my rentals as a business for bookkeeping purposes, I am trying to find a simple, cost effective, but useful tool/method/software that can help with this task. 

Treat them well and you'll find yourself getting what you're after.

How is the Douglassville area treating you so far?

@Prashant Deshmane, If you've lived in that property for 2 out of the last 5 years you can move out, treat is as a rental and get the tax benefits and cash flow for an additional 3 years before selling and still also get the tax free primary residence treatment upon sale.  

Tenant history treats property like there own, consistent paying tenants.Purchase price $115kSeller will hold financing on 25% for down payment at 5% for 3 yrs interest only.Property will need about 10k in cosmetic work, seller willing to add in 10k cash back for repairs added to the seller financing agreement.Have a lender in place who can finance this deal at 75% with seller financing in second lien position.$3500 taxes$800 insuranceTenants pay all utilitiesWould be getting a commercial loan amortised over 20yr.Plan to use management team at 6%, that we are using on another property.What are your thoughts and perspectives on a deal like this?