My personal thought on an LLC is that if you actually need the extra protection that's given by registering in a super business friendly state, you usually have someone in your ear already telling you as you grow to a large enough size for it to matter.

That shouldn't take a professional longer than a couple minutes.

Under the tax lien system, current law, the investor may file a foreclosure lawsuit when its been at least 3 years since the first auction but no more than 10 years.

(longer than 1yr!))

From my understanding, the company renting/running it usually would act as a live-in property manager and would also handle the modifications.

Things will get “complicated” if you try to buy more than 3 replacement properties.I don’t see a problem with her renting you a space in her commercial building as long as she charges you “fair market rent”  (then she could leave the property to you at her passing.)

Interesting that things are going up so much more for you in Memphis than in your other markets. 

There are a couple of things to think about:-Technically, if you have a loan in your name, the lender doesn't want it to be transferred into the LLC.

Berkeley is a place to look at, closer to campus the better.

Each step you take will bring you closer to mastering this rewarding field.