Doesnt sound terrible if you think your buying right and will have some nice equity in the home the day you close or with minimal repairs thereafter.

Buy and Hold with turn-keys sounds great but appearances can be deceiving and seems to require a lot of money to start in order to minimize risk.I'm thinking that doing an owner occupied small multi-family could be a great way to start out?

No more delays, now is the time for financial self defence.

I will be using FHA to purchase this so minimal 3.5% down. 

Part of the benefit to them is that you would be giving them their price (or close to it if you can get better), it would just be done with a delayed cash sale.Hope that helps. 

You have to be able to maintain minimal emotional involvement in the property, you must be able to view it as an asset on which you derive income.  

The alternative can result in months of project delays, legal fees and fighting among contractors.

The inspector charges a fee, so some folks pay for repairs out of pocket and then have one inspection to minimize costs.

Sorry for the delayed response, being my first post I thought I'd get an email to my response.  

The cost is minimal and as long as you run each LLC as separate from the rest and don't co mingle funds, you are protecting your 95 other properties from an accident that happened in one of the properties in the first LLC.