In addition to the book you've read, you may want to check out the Book on Managing Rental Properties, it may help you determine the right policies and procedures to turn that property around.

Good afternoon BP friends,I'm looking at setting up an SDIRA for the specific purpose of buying a single property - an undeveloped lot - and I'm trying to determine if it makes any sense to use an LLC and/or have "checkbook" control for this particular SDIRA.My initial thought is that since this SDIRA would be to buy a single piece of undeveloped land and then hold that property as an investment for the next several years, that the additional complexity and expense of an LLC and checkbook control would be unnecessary.

But that still only leaves me with enough cash to probably do one other investment property around here because of the down payment I'd have to use to get an additional mortgage.  

However, the property doesn't have enough equity to be a wholesale deal but it can be sold to a regular buyer at a discount.

Additional keywords: Indy, Indianapolis

I highly suggest only buying something if you feel you are buying at some sort of discount to market value.

Additionally, there is an annual $800 filing fee for each CA LLC (each year), not to mention the additional administrative requirements that must be adhered to to ensure full liability protection, and then finally the hassle of the LLC filings themselves.That seems to be a fairly significant burden to incur on a property by property basis since these are only single family rental properties that generate only about 35k in rents a year.

It is also a classic case of the metrics not telling the whole story, without some additional digging.Spartanburg and Greenville counties are on fire, everyone knows this.

Are plan is to flip until we have the gain additional capital to increase our buy and hold portfolio.

In addition, you will need to collect sales tax/occupancy tax, if you do not and get caught, you'll be responsible for the tax.