When you structured the all cash deal, close in 10 days,   I'm looking to throw out an offer on a HUD home as well and was curious if you put any contingencies in the offer at all or was it simply cash AS IS...   

Structure the rest of the responsibility, equity, etc. how you choose.Just keep in mind, a commercial loan on a residential property will not be nearly as good of terms as a standard residential loan, so make sure your property is a winner.

What are the pros and cons of using this type of legal structure to encompass a few properties and what advice might one give before considering this an option?

There are some "e-REIT" structures in the industry that seem to be pretty popular of late.  

Has there been extensive physical improvements such as a total rehabilitation of the structure?

The entity structure stands on its own and shields your personal assets against litigation.

I'll be glad to pass along any deals I find, as I'm still trying to figure out the financial structure for my first deal - not quite there yet.That's all for now.

I'd know, I've been "trying" to structure a deal for far too long...I HAVE to make this work.

My favorite part is finding a way to structure a deal to get it down.

If we did that, I would have the right to build on each lot and sell the five homes under a structured agreement with the current owner.