But I read that there's downsides in doing that just don't know exactly what- capital gains tax, etc. also I was told to open up a new LLC and use my current LLC as the manager.

This allows us to close extremely quickly, which is an important competitive advantage.I don’t know how to read our own tax returns, and I’m certainly not going to read yours.

Read Main Street Millionaire by Codie Sanchez.

Im reading a lot right now and this helps me a lot. 2 things I can't understand from properties I've looked until now ( which all requires a lot of work), 1- owners who wants to sell their property and tells me also the rehab price, which makes no sense for me,( even the rehab price for me, with a quick estimation is 30-40% less expensive then told to me. ), 2-  Realtors that don't knows the ARV or rent price after rehab.Thank you again best, Ilir

I have listened to Dave Van Horn's podcasts and read his blogs on Bigger Pockets.  

So far I've read one book on foreclosures, it's called Foreclosure Investing for Dummies, it's quite detailed.

Any tips would be appreciated! 

I recommend you read it thoroughly before you proceed. 

I  have a detailed reply above that explains it and provides the code citation to read as well

I read through them and ensure understanding with many tenants before signing.