@Cameron Woodward - The market here is really tough right now - don't get frustrated if the right deal doesn't come along immediately;  while you are waiting for it, definitely get all your financials in order, network locally as much as possible, and keep grinding until the right deal comes along. 

The downside is more maintenance and repairs, more toilets, stoves, water heaters etc...Depending on what your goals are for the investments and your acquisition strategy would point you toward one asset class or another. 

Our family trust did a 1031 exchange 5 years ago, one of the assets we acquired was a parcel.

If it is for an owner occupied purchase you could do a bank statement loan, profit and loss loan, or asset based loan.

It's interesting what people will do in acts of desparation.In my experience, lenders (specifically private lenders) will do what they can to work with a borrower to avoid foreclosure, which is a costly endeavor for the lender and requires time to process, usually months and months, depending on your state.Also, while an LLC is often considered a safeguard to protect personal assets, a lender using an LLC for multiple loans may have a substantial value to their LLC, which could all be at risk.Finally, if the wrongful foreclosure suit is legitimate and based on an error by the lender themselves, an attorney could logically sue both the LLC and the individual.

Every investor comes from a different financial situation, has different financial goals and different risk tolerance.

Basically develop a Business plan that includes your Mission Statement; SWOT Analysis, Financial Analysis, Market Analysis,...

It's an asset based loan so most all the requirements will be dependent on the rent covering the debt so if you have cash but no stream of income it'll be the way to go.

As it relates to structure it is really whatever you want - key is just outline in your PPM what you are doing and how You can have it as one entity or a management entity and ownership of asset entity.

Would I be able to do the improvements through the LLC, and then exchange into them with another 1031 asset?