Often, it is not possible to inspect the property before the auction, so you cannot know what the condition is – In California I'm finding that its somewhat standard practice for the trustee to send someone to the home to check to see if it is vacant.

But it's a lot of work and a real PITA.The good news is that if you succeed with this rental you will have gained invaluable people skills and business practices that will help you succeed if you continue as a LL.Two points.

This is clearly a cost of doing business from a practical perspective, but is it also considered a tax-deductible cost in the eyes of the IRS?

As noted above, it's best to find an attorney who practices in the state (and possibly the county) where the property is located.

The answer to this question is always "Yes" ... not only is it a code requirement for bathrooms to have ventilation, it's just a good practice!

. - Once you have some knowledge and practical experience, go out and find a great deal.

I would guess(it makes sense to me anyway) to keep each property in a separate LLC so the assets are not united, not have a Master own other LLCs, but that will depend on how your state sees these structure legally….this is where you need an attorney that practices corporate, RE(landlord-tenant law), contracts, and bankruptcy to name a few in NC.

Full disclosure to the original seller is also very good practice.

I want to help my broker form a landlord rep practice, and get in to larger scale commercial transactions too.  

I've held off from removing all of the copper in the past because it's practically new.