If you have a mortgage, you might consider putting your property in a land trust with the LLC as a beneficiary to not trigger the due on sale clause, the clause Melanie Smith mentioned.

One more question though: When it comes time to pull the trigger on a location, should I look for newly renovated/empty locations and look for tenants at market price, or should I look for places that already have tenants that are reliable but are rent controlled?

I should be ready to pull the trigger on my first non-personal residence rehab in the spring of 2015.My hobbies are golf, mountain biking and fixing up old cars. 

One of the main reasons I'm pulling the trigger on it is because it is completely turnkey, move-in ready.My inspector does his thing and finds some issues with the second bathroom (nothing crazy, but issues nonetheless).  

I spent about 6 months reading a ton of books about real estate before I finally pulled the proverbial trigger.

Your statement raises concerns about code violations and triggers 'red flags' for me.

As far as pulling the trigger!

Here's how he has it structured:- he finds the deals (key here, your strong asset)- he has a rehab team on the ready that he works with- he is active in local REI Clubs (yes a nice source of leads for you)- he is also hosting free 1 night seminar per week that caters to this topic- he then has investors on the ready to pull the trigger when a deal is found- he has set terms already, 90 day velocity, x% return on invested funds.

Did you get a lawyer lined ho for legal issues, and broker, real estate agent, ect team lined up before pulling trigger?

We've looked at a couple of different rehab projects there but haven't pulled the trigger yet.