I run both the Illinois Real Estate Investors Association and the Missouri REIA.

Run...don't walk...away.5 - "Based on my analysis, I think the FMV for a 2/1 like this is closer to 35k."  

In that entity structure your LLC will give you that asset protection and the trust is the vehicle to transfer deed.  

If you want to be more pro-active - drive your vehicle to that vacancy -Talk to as many neighbors as you can - let them know that you are interested in that property (or others that they may be able to refer you to) some neighbors won't cooperate with you since they may think you are a bill collector.Get the tax ID of the ownershipGo to white pages - search for the ownersPut a notice on the door for the owner to call youCheck to see if it has housing code violationsLiens - see if you can buy the lien and foreclose (or take an option to buy the lien - forecloses on your option)Check to see if it is in Tax Sale - contract the tax sale purchaser to see if you can take assignment of their positionCheck to see if it is in foreclosureMake sure you look at the back of the houses - talk to the neighbor at the rear of the housesFind out if it has been listed - by whom and for how long - call the real estate agent (they are the ones who know how to contract the owner) ask the agent "are you still accepting offers on that property?"

There are a lot of groups that you can get involved with in terms of investing; @David Torres runs a group on Wednesday nights that you'll want to attend as he does a great job.  

I'm attempting to run my numbers with the variable of raising rent each year.

I would then reach out to property owners that meet the criteria and approach them on a lease where you have the right to run a vacation rental.

For example, when i run comps on a single family home, i am looking at....1.

I have owned a few single family rentals ( I just sold them) and now I want to hit the ground running on multifamily buildings (5+ units).

I have heard BP podcasts where a person goes for the home run and buying an apartment building their first time.