There is a lot of paperwork, extensions, etc that are really important in ensuring it runs smoothly.

If a home is in good shape, you should know that it's not going to cost much if it just needs paint and paint (maybe $3-$6/sq ft for standard rental grade materials) and it'll go up from there is there are repairs, exterior work needing done, trash to haul out, extensive cleaning, etc.We usually have a contractor go to the property to put together a rehab estimate at the same time as the inspector if possible.

You can ask for extensions but will cost more money.

I ran the numbers on the 4-square sheet and it looks like I could have cash flow of over $1000 even after an extensive rehab, (I'm estimating $95,000 which would replace windows, vinyl side, replace roof, and rehab 7 apartments, 4-1 bedroom with baths and 3 dorms that share a bath.

Let's say I form a Series LLC in TX for example, I'm assuming it then needs to be registered as a Foreign LLC in SC to conduct business here. 

Assuming the contract is written with an inspection contingency, you conduct your due diligence and present an inspection objection on the items you are requesting.

This means that the investor buys and sells real estate, as well as conducts other business, in the name of the LLC, rather than as an individual.

I have been quite bust lately with the purchase of a 4 unit property that requires extensive rehab.

We manage 2 properties only, but I would highly recommend to have someone, who would be willing to be an extension of you in case of emergencies.

The prep is extensive and annoying and the cleanup gets old quick.