You will learn about property management, taxes. contract law, and people management. 

I have been looking for a home in Southern California... which I do not want to go the typical route because of competition and also my tax returns are not so friendly to conventional lenders.  

Each LLC is multi member so they probably file taxes as a partnership. 

I purchased my first tax lien and need to get the property placed as abandoned so we can start foreclosure.

Thanks Your rental income (does not matter if long term or short term) of your schedule E is calculated using this form: https://content.enactmi.com/documents/calculators/Form1038.C...Your schedule C income will be averaged over the last two filed taxes returns.

You can find good deals on the foreclosure list or tax list. 

Heh, heh, heh By deeding it back to the seller, the buyer causes all kinds of other unanticipated legal and tax problems.

Also there are weather issues with Indiana winters and pipes possibly freezing, thunderstorms and hail damage2) Knowing how long to hold onto a property, 1031 exchange it to another property or DST, or in some cases sell it and pay the small capital gains tax (if any) to have less headache. 3) Underwriting the deal incorrectly (factors: local appreciation, rate of rental increase, economic growth, gentrification of area) and being overly optimistic (a renovated 100 year old home is still going to have problems).

They sell to cash or hard money buyers only, generally no inspection period, non refundable deposit and you are paying the your and the sellers closing costs. 

DSCR loans deal with the amount of rents the property will throw off minus insurance and tax liability.