Hi Natali,I am not an attorney so I would suggest contacting a local real estate attorney but having an LLC should provide personal liability protection. 

I bought a house at a foreclosure auction and am in the process of signing contract and preparing for closing in 30 days.

If it appraises, then you can always offer the difference back and adjust the contract. 

But- since you are a newbie, in lay person's terms, the answer is yes...but slowly and over a very long time. 27.5 years, to be exact. 

Hi @Sejin Kim I'm personally not a fan of condos anywhere, especially in Florida.

This also leads owners to ASSUME simpler is better when it comes to management contracts.

If the tenant situation is stable, personally I would dump the money in and keep it for the long haul.

There are limits to how many Fannie Mae (personal) loans you can have, which is 10 per person… so if you are married my first suggestion is to buy your properties in one person’s name to maximize  how many loans you can have.  

Early to joining BiggerPockets in 2017, I went under contract for $40,000 for a brick duplex in Trenton City on Hillcrest Ave.

Read your contract.