I bet you and I have lived and played in similar neighborhoods.I am an active investor and always in search of good properties. 

I run all expenses through the LLC bank acct, you bet.  

Done right, this can get you economy of scale and some favorable pricing (i.e. less than what you'd paid to roof a single family home of comparable size).The down side can be things like agency costs, poor management, and financial mis-steps.The bottom line: what are you getting for the dues?

We have some local attorneys that can perform this role, but I am worried they'll run the meter and provide poor value to investors in a workout situation.  

I'll bet you'd consider that :-)I agree, but I exhaust ALL options to locate decent deals.  

I am currently working my way through Rich Dad, Poor Dad while reading as much as possible on this site.  

I am currently working my way through Rich Dad, Poor Dad while reading as much as possible on this site.

I would bet a vacation rental would do well.

I don't do vulture investing where I'm trying to beat up some poor sucker on a $30k house who's in desperate need of cash. 

Dont forget to factor your rehab when putting together an offer. if you're serious, get a contractor to give you an estimate on the rehab so you can better understand what its going to take to bring this property up to your standards. finding a distressed property and using the 203k is probably your best bet to make these rules work in your favor.