As far as health, I'm healthy enough and plan to seek health care in a country where it is cheap when the time comes or even getting citizenship in another country and getting health care completely free?  

As most places the health care, colleges, public schools K-12, city jobs, retail, hotels are stable. 

Strictly Speaking from tax: 1) if you bought this on your name with your cash: Later when you will be  contributing to the LLC, your partner needs to bring in cash equal to the FMV of the house to keep the economic of the partnership 50/50. 

In all honesty, if this DOES get purchased at auction I'd hope to find another place to purchase with the cash & "steal" them as tenants ; )Due to the condition (it was a health hazard!!!) 

Include the type of deal, deal economics, hold period and anything else relevant.Cash on cash, IRR, DSCR and breakeven occupancy are more important metrics to me on a deal by deal basis but I'm trying to take a long term view (15 years to start) of my investment strategy.

They upgraded the downtown area, built a street car system, are adding new parks, and health centers.

At 50 years old and 23 years in my career, I'll stick around to get the pension and life time health care (not free).

Another option they have is to call in the health department and get the place condemned. 

You've overlooked 2 excellent cash flow markets that have a combination of strong cash flow and good economic/demographic trends.

Both my wife and I have worked 15+ years in the housing/homelessness and Mental Health Non Profit sectors and realized that if we are ever going to achieve financial independence, we need to begin developing side incomes.I look forward learning from other BP fans in the SLC (and beyond) and am interested in best steps for evaluating rental properties and beginning to understand the local market.