Me and my wife considering and wanted first do some basic research based on actual feedback vs. marketing online.Your insights much appreciated.Thank you!

However you'd be out the LLC filing fees in the latter situation, so the LLC would appear to be disadvantageous if viewed solely through the lens of income tax compliance.If you're looking to avoid tax I'd suggest you read up on a "like-kind exchange" aka a "1031 exchange". 

I can't offer insight on the other states you mentioned, but I have a property management company in Austin TX. 

I will call today and discuss this with them as they will have to exchange that unit. 

Any insight would be quite helpful...

Again, I’m a bit green when it comes to this type of investment, so I’m hoping to gain some insightful feedback from experienced professionals such as those on this forum!

I very much appreciate any and all insight you may have!

@Kevin Martin - thank you... that is the type of insight I am looking for. 

I might even be able to get away with a slightly lower bid on the property in exchange for a chance at a higher payout in the future.My initial concern is that their cut might have to be cost prohibitively high in order to be appealing.

I thought it sounded like a property management nightmare until I learned that the current property manager just gets to live in the house for free, and in exchange he keeps the units filled and does most of the needed repairs.Any advice on whether or not to do this deal?