You should look at Columbus, Ohio I would recommend Toledo for houses around 50k and if you treat the tenants well they are perfectly reasonable to deal with.If you want to leverage 50k to get something 200k+ I’d definitely looking at Columbus the population and jobs figures are way better. 

Electrical ended up being around $16,500 for 2 reasons: 1) After getting 4 bids, the best quote was around $14k, so my budgetary estimate was just low to begin with; and 2) while my first electrician did ok, I did ultimately replace him toward the end of the project as I wasn’t happy with his attention to detail, pride of workmanship, and overall way his helper treated my other contractors.

Get a dated receipt that the house was treated for termites.

@Peter Walther In every state we cover, water is treated as a lien whether or not recorded.

And the kitchen was in pretty good shape as well.Our only surprise on this one was that it ended up having termites, and required about a $1,200 treatment.So roughly about an $18K profit after all soft costs and basically just cleaning it and treating for termites.

Treat them as a lender with fixed return or equity with share of profits if they're all passive (ie you do the work).Make sure you account/bill for your time.

If they are going to be a passive investor while you do all the work, this may be treated as a security under the rules and regulations of the SEC.

If you do not follow proper formalities, a court can rule it is not a real business and treat you as if you don't have an LLC (called Piercing the corporate Veil) I recommend the self help legal books by NOLO Press.

Mobile home park owners treat everyone the same whether they own 1 or 100 properties -- that's what makes it interesting.

How can I legally force A to have an exterminator treat his unit?