Learn how to analyze a deal, get in contact with some wholesalers/agents and attend walkthroughs and do a "sample analysis" after showings once you get a better idea of rehab costs.

It's probably worth doing a cost/benefit analysis to see what makes the most sense to do in this case but I don't think buying rentals while renting is necessarily bad. 

@Ross KaneThere are several considerations that can go into the analysis of whether you need an LLC or whether a large insurance policy will suffice.

They don't have any analysis or record keeping. 

What is the deal/analysis advice you seek?

(vii) would seem to indicate that you'd be acting as an unlicensed broker.(1) "Broker":(A) means a person who, in exchange for a commission or other valuable consideration or with the expectation of receiving a commission or other valuable consideration, performs for another person one of the following acts:(i) sells, exchanges, purchases, or leases real estate;(ii) offers to sell, exchange, purchase, or lease real estate;(iii) negotiates or attempts to negotiate the listing, sale, exchange, purchase, or lease of real estate;(iv) lists or offers, attempts, or agrees to list real estate for sale, lease, or exchange;(v) auctions or offers, attempts, or agrees to auction real estate;(vi) deals in options on real estate, including a lease to purchase or buying, selling, or offering to buy or sell options on real estate;(vii) aids or offers or attempts to aid in locating or obtaining real estate for purchase or lease;(viii) procures or assists in procuring a prospect to effect the sale, exchange, or lease of real estate;(ix) procures or assists in procuring property to effect the sale, exchange, or lease of real estate;(x) controls the acceptance or deposit of rent from a resident of a single-family residential real property unit;(xi) provides a written analysis, opinion, or conclusion relating to the estimated price of real property if the analysis, opinion, or conclusion:(a) is not referred to as an appraisal;(b) is provided in the ordinary course of the person's business; and(c) is related to the actual or potential management, acquisition, disposition, or encumbrance of an interest in real property; or(xii) advises or offers advice to an owner of real estate concerning the negotiation or completion of a short sale; and

We are actively searching for firms or individuals who specialize in property sourcing, as well as those who offer risk analysis/advisory services.The markets we are focusing on for purchasing are Georgia, Florida, Texas, and Michigan.

Hi there, I’d be so appreciative of people’s thoughts on my current situation. I’m torn on which would be a better option for me. 
I’m looking at two properties about the same price, both around $360k.

prop 1: new...

Thanks for the analysis @Lee Ripma!!!

An attorney can give his opinion as to what the odds are of the different ways a legal dispute can play out, but it’s the investors decision based on a cost/benefit/ risk analysis to decide how and of to proceed.There’s no way for anyone to render an opinion about what you “should” have done without (1) complete information as to the property being purchased and (2) complete information as to the risk tolerance and financial makeup of your investment group.Here’s my advice - don’t second guess yourself based on opinions of people who (1) don’t possess “all the facts” and (2) probably never acted as sponsors of a syndicated investment.