Hi All,My girlfriend and I just closed on a property in AZ and I’d like to set up and LLC or LP which outlines our equity ownership and responsibility etc..

You may want to check out a few books on the subject.

Talk to a real/more knowledgeable CPA for your situation.You rental income would be considered as an investment income from passive activities and could be subject to NIIT (Net Investment Income Tax) - you will need to talk to a CPA on this.

I’m doing a ton of research on the above subject and was wondering if a person couldn’t pay their taxes and were at risk for foreclosure, why wouldn’t they just list the home for sale way under it’s value to sell it fast?

There are some websites that allow you to take rental payments, apartments.com personally I use Venmo but they claim that if your tenants are putting Rent in the subject line the company is going to start deducting a percentage transaction fee.

Taxes are generally not a DIY subject when you have rentals.

Still quite a bit of work to be done but after all is said and done I want Unit B to rent for 900.Not sure if I'm using the word "rehab" right, I didn't have a budget outlined for that.

A starting point would look something like the following.First outline the process.Identify marketcorelogic; Uhaul data; census data; Airbnb Data; Zillow data zestimate vs rent rate; Houses on market, consumptions rate, etcOutput: what market has potential inefficiencies or unforeseen growthIdentify neighborhoodsschool ratings; public transportation; crime spot data; HOA quality; proximity to major employer and average wages; opportunity zones; historic appreciation; historic average rental rates; etcOutput: what is currently working the area and what are BP members doing there as well as unforeseen growthIdentify strategies that are best for the given areasshort term; long term; BRRRR; arbitrage; etcOutput: which strategy is more efficient or applicable from user inputIdentify realtors/wholesale/etchighlight most active realtors/wholesale companiesOutput: connect with and understand local marketFunding typesbased off the price and type of units what is available and who offers the funding; BP member input on successful previous funding deals Contractscurrent trends in the area to close the deal from in the local marketManagementhighlight local management for long term or short term; contact info for Core four, inner and outer circle.

Before spending too much time looking for your market, take a little time and outline your goals, then work backward and determine an investing strategy to reach those goals. 

How much someone pay is subjective which is where EXPERIENCE comes in.