@Andrew Horowitz the rules for tax lien sales vary from state to state and sometime from county to county. 1) tax liens are virtually always first sold at auction.

I personally invest in Pennsylvania where cash flowing properties are fairly easy to find. 

We want this to be a formal loan and make sure that it is set up correctly and is also easy to manage.  

@Vincent Gamboa creating a company like an LLC is relatively quick and easy, presuming you know what you want.

I had 2 offers the first day we listed it for sale.I still buy the lower priced ones and rehab them but then I hold them as rentals.Sort of a rule of thumb for me is anything under $100k = rental above $100k is a potential flip.It's a bit of a slippery slope though because I avoid higher end homes which would be $400k+ in our market because they are harder to sell and I don't want to get stuck with one in a downturn.

My rule of thumb is about 1% of insured value. 

Brokers will over enforce rules so that there is no possibility of an issue arising.

Talk to the tenants to find out the cause, maybe there is an easy fix.

I have a property I'll have title to and close this month what are the guidelines for getting a line of credit on the property? What are the rates with good credit score and loan terms?

It's easy to buy a Cheap Timeshare, but the key is selling it.