Is it important to document and prepare for your first deal by planning things like:- strategy- partners- finances- finding your vendors (contractors, agents, etc)- goals- etc etcIs there some template to go through to recognize everything you have to think about before your first investment?

.- Cons: increased costs (for filing and maintaining an LLC, for filing separate tax returns if you choose to do so [but don't have to]), depending on your state increased legal fees (you didn't put where you're from, but in some states only attorneys can represent corporations in evictions and small claims court), financing "challenges", insurance "challenges", contract and lease "challenges", not unlimited limited liability (you can still be sued individually), and loss of TBE protection (tennancy by the entireties) if your state recognizes it.If you're doing it for limited liability reasons, you're better off getting a good insurance policy.

If you've refinanced the property several times it is very possible that you may not have much equity at all but a ton of pent up profit that would be recognized in a sale. 

I am open to invest outside this area depending on how much commute I might have to do at the property.I was browsing around and came across BP forums and suddenly knew that this might be my go to place for getting genuine information. 

If you consistently analyze properties, it will be much easier to recognize a good deal when it shows up.5.

When I tried setting up my LLC in Illinois, it appears I cannot be recognized.  

We're trying to find something for under $50k, but we recognize that may be difficult. 

Fortunately, our local high school recognized the growing demand and just opened a wing with state of the art auto labs, culinary department and life science department for future nursing students.

As a result, income should increase2) Suspended losses may potentially be unlocked3) Some states do not recognize suspended losses.

I honestly don't think that we are not taking the time to accurately assess the deals but it is rather ignorance.Often when we are taught how to analyze deals nobody really genuinely educates us on the proper way to get an repair estimate.