If I conducted a thorough rehab my maintenance items should be very small.  

My main motivation for using this method came from how I choose to conduct myself in business. 

Learn how to evaluate, conduct investment analysis, and analyze deals.

It's the last matter mentioned that becomes unique to each investor or group of members and it's not so easily duplicated or employed.Now, if you take the internet's Legal Zip approach, you can have a canned entity that will be more costly in the end due to changes being made along the way and by not understanding the tax implications of what business might be conducted you can simply trash and shut down and start all over again.Another alternative is how to use other entities as members in a Series, these may become subsidiaries or affiliates.

What's the typical time frame to conduct due diligence and if I back out what will I lose?

If not, REI will either keep it in inventory as a rental or retail it.REI along HomeUnion AL/Real Equity are located in the same offices.Initially, their goal was to use a local property management company but after conducting their due diligence and interviews with several of them, it was determined that they would bring management in house.We are coming up on a year with them and feedback from their buyers have been exemplary and extremely positive.

Most getting into real estate including many who have been dealing for awhile have no clue as to what Realtors or agents and brokers do, what they must do, must not do, how they are required to safeguard and conduct transactions or what responsibilities they have.

Careful about one's conduct; circumspect.

Good luck with your "business", I suspect you'll need it - and an attorney, if you conduct yourself in this manner.

You can conduct business under your individual name, use your social security number when a Taxpayer ID Number is needed, and report everything on Schedule C and/or Schedule E, as applicable.