Note that I have a good credit score but I do have a foreclosure on my record from 2015 which prevents me from going the conventional mortgage route.For example a house I am looking at sells for $110K and the rent is $1095.

Make sure everyone got all the scope of work correct, and make your decision based on their track record (this is the key) and cost, don't let emotion influence your decision.

Hi Everyone,I am looking to start purchasing real estate with my 5 siblings, and I'm trying to figure out the best way to organize our entities to ensure we have both asset protection through LLCs, as well as tax advantages.  

It also depends on so many real factors such as how you structure the organization. 

SO, add to this mix the potential for the house to fall into foreclosure. the seller is willing to let it go to FC; however, will consider my "subject to" deal.The seller owes about $132k and the house county tax record appraisal is $159k, with comps in the area ranging between $150k and $175k. 

Yes you can do bookkeeping as long as the rent checks are delivered to a known address associated with the property (dropbox) or mailed to an address of record for the owner/entity.The biggest obstacle for me has always been unable to enter into contracts (verbal or written) for services. 

@ Jerry K   if you would, could I possibly see one of the foreclosure letters if you have one (deleting names, etc  if not public court records) with the added  invitation to contact if no intent to redeem? 

According to Chapter Five, “An outright gift of the cash investment is acceptable if the donor is- the borrower’s relative- the borrower’s employer or labor union- a close friend with a clearly defined and documented interest in the borrower- a charitable organization- a governmental agency or public entity that has a program providing home ownership assistance to low- and moderate-income families, or first-time homebuyers.”

I'd recommend recording the lease signing so that they're on camera/audio agreeing with the rules upfront

They'll want a copy of the plat for your lot as well as the footprint dimensions of the house to be moved (the former, presumably you already have a copy of, the latter may need to be physically measured or extracted from the plat of record for it).The physical move of the existing structure is just one scope of work among many.