I work in information security, so I have a strength in combing through details and considering risk.

Another issue with the LLC is that, it's not very fluid, in that you may run into hurdles down the road when you try to refinance - but it does give you protection.On the apartment building side, I am currently closing on an 11 unit and in that case I would highly recommend the LLC / S corp structure for protection, liability and anonymity - it's just a higher risk investment. 

If you do great with your first few deals, you'll have the room to stretch and risk a bit on your future deals.

I'm planning on jumping into the upcoming Jackson County tax sale with both feet this year and I'm wondering if anyone here has any experience with this process and any tips on what to look out for (potential risks) from acquiring one of these properties.

there is a free downloadable pamphlet and waiver, it should be a part of all of the packet of documents to review and execute with all tenants.On the E Coast I think you would risk losing out on some great opportunities.Pamphlet and waiver-https://www.epa.gov/sites/production/files/2017-06/documents/pyf_color_landscape_format_2017_508.pdfhttps://www.epa.gov/sites/production/files/documents/lesr_eng.pdf

Here are how the basic deal looks: Home Depot $ 16,000.00 Credit Card $ 12,000.00 Purchase $ 57,000.00 Rehab Labor $ 22,000.00 Contractor Fee $ 5,000.00 Carry Costs $ 5,200.00 Refi Closing Costs $ 2,000.00 Total $ 119,200.00   The house got appraised at $140K so the bank lent me $105.

If you do the work it saves money but places your cost claim at risk, if you hire someone you are out of pocket, have a better chance of winning in court but may never collect.

If there is financing on the property it is their credit that is at risk, if there is no financing it is still their free & clear property that is at risk. 

You want to be able to buy a couple rentals at a time or very quickly, it’ll minimize your risk and help you when things get tough.

Going forward, I would like to create different LLCs for my properties to help mitigate the risk but don't know if this is an industry norm in the residential world.