Minnesota does not have state income taxes for LLCs, but federal income taxes still apply. but we don't plan to generate revenue, or any revenue we generate would be thrown back into the LLC in the form of an emergency/maintenance fund, or towards another downpayment. 

Their code didn't work as I add it the day of arrival.

So, for Cap Ex, Maintenance, & Vacancy a typical amount to budget is 5% of rental income for each or 15% total.

ISO company that does creative HELOC's:I have a find with great equity in his home but not great taxable income.

As a pure investment it looks okay, but with a primary residence for my family thrown in at zero additional cost, it looks really really great.  

I think it would appraise for around $140kI have only owned it since March, so very little rental income.

A few additional notes to answer some of the questions:RE: "All the same permits and inspections should be required whether the home owner does the work or not." -...this doesn't seem to be the case where the state building code wasn't adopted.

Looking for good area, least vacancy and good rental income.

In addition, after NDAs expire, intellectual property rights such as copyright or patents may remain to protect trade secrets.The NDA must be supported by a fair consideration such as payment for service or potential employment.

None of this stuff by itself is a ton of money, but add it all up and it cuts into profits.