If you live there for the 2 years prior to a sale, you are safe from paying taxes on the gain.

Hope everyone had a safe and great one.

Haha) - should I have my LLC set up before making offers on properties or is it ok (as in safe) to do one or two deals before setting everything up?

Purchase prior to auction, with inspection and title search done is the only way of purchasing that I would consider safe.

We only outsourced the roof, (which was a simple torch down), some general electrical work to get things safe and passable and the installation of the HVAC system.

@Chris Bounds I totally agree with making an offer on the spot but with this being my first deal I'll probably do want to be more conservative and be on the safe side but good advice nonetheless.Ryan Dossey Homes in this area sell for around $50-$60,000.

I have generally felt safe in most parts of the city.  

On a 20 unit I think you could safely assume $3000 per year.Your repairs are probably too low. 

Get at least 60% IRR on flips and land development.2) With this diversified portfolio approach, 70% of your money is safe during a market correction.

I have done these a few times (as Escrow in Cali) and they are the best way to keep the IRA portion of the investment safe, from what I know.