You also have things there that nobody else would ever think of going after, like the LA Department of Administration has leases for campsites down in the Basin that you could essentially follow the vacation rental model to lease to duck hunters over the winter months, and to the fisherman in the spring and summer.

Regarding property management, I'm hoping to be able to either find a property management company or offer reduced / free rent to one of the tenants who is able to be my maintenance person and I would essentially manage the properties myself. 

What I see in a lot of reserve prices is essentially comparable retail value... and what's the point of the trouble of an auction when you can buy off MLS at the same price with much more assurance. 

When we purchased the duplex the documents that came along with all the paperwork stated that my property is 110x115 feet(.33 acres).

I have not yet seen the property yet, I think I will have the time to read all the paperwork, city inspection, disclosure form, etc.

Sales contract and my title paper work never indicated a homeowner association.

I am just wondering from a contractual side what kind of paperwork would I need to make the lease official?

@Justine SpencerWhen you start, entities are not essential, unless you have a particularly high exposure to legal liability - which is an attorney's call, and I'm not one.If you do decide to go with an entity, pretty much every time it is an LLC.

Get your paperwork to an attorney and see exactly what you have going on.

The rates are higher, so harder to make it a deal, but still doable and is essentially a step in the method once you've reached that point.