These laws in Massachusetts are so lopsidedly tenant friendly and I am very interested in joining any group or organization that is actively fighting back against these ridiculous laws.

Therefore, we're going to assume it requires a major rehab and can only offer $150,000.

Now if you child is grown and is your active business partner, there is probably more benefit to doing an LLC.Unfortunately, legal entity creation, taxes, and estate planning are so individualized, that it is probably worth the money to sit town with an attorney and accountant to get this write. 

You won’t get your EM back but you may decide to just forfeit it if you find major problems

I think there are a couple very active ones in Michigan.

Similar to the majority of folks on BP, real estate is always on my mind. 

I am an active flipper/landlord in Houston, TX and also run a software company.

You typically don't want to invest money that would cause a major impact to your financial life.

Warranties are a waste of money and if needed will cause major delays in repairs.

So much can go wrong- major repair items that you've missed, the market can soften, vacancies, inability to refi, etc.