I believe that there are some states (not sure where but I'm sure someone else can answer, perhaps Nevada or Delaware?)

Joe, I have a Delaware LLC for a Texas property, but I had to register the LLC as a foreign entity in TX.

I understand that the De Minimis Safe Harbor is for real properties that are less then $2500 each and Safe Harbor for small taxpayers is for improvements that are no more than 2% of the cost basic or $10K whichever is less.  

It's also true that in Baltimore, as in most major cities, you can find the worst of the worst, as well as the crème de la crème within miles of one another.  

It's making money your de facto god.No matter what you do, do it with a clean conscience and do listen to your critics - but after carefully considering what they have to say, don't be afraid to arrive at your own conclusion and dismiss the criticism completely if that's where your conscience leads you.

I do agree with @Roberto de Leon, Puerto Rico has other Beautiful places besides San Juan, metropolitan areas.

If you hold until de-regulation in 6-13 years, you're probably looking at well over $500K in gross profit at minimum, depending on the condition and how much the area appreciates in that time (my guess is a lot).  

:@Wendell De Guzman Talking about leading indicators, 'home building permits' are also a major leading indicator, right?

This is the world of Delaware Statutory Trusts.

@Kevin Kite, @Eleena de Lisser and @Brian Adams - thanks a lot!