I suggested the tenant get a second opinion since they could be liable for damages.

I'm just applying the 50% rule that says 50% of gross scheduled rents will go to vacancy, expenses (taxes, insurance, routine maintenance, make ready costs, tenant damage in excess of deposits, utilities at least when its vacant, CPA fees, legal fees) and capital (roofs, floors, appliances, furnaces, sewer lines, etc.)

Can anyone speak to the effectiveness/value in the online LLC creation websites out there (ie LegalZoom)?

there may be relatively minor problems with the property or there could be a major damage to vital components.From the properties that I've seen there is also wide disparity on what is insured/uninsured by HUD.

If so, how much of an effect would tax brackets and potential dividend extraction taxes have as opposed to simply being taxed on my share of the profits generated under a partnership?

I don't think I could select one book that drastically changed my life, but there have been simple passages or even a few words in many books that have had a profound effect on me.

Am looking for more cost effective system to bring down trash cost.

At least security will help pay down lost rent, damage and turnover costs.

Deep discounts to market value are possible, but, in our experience, rare {most markets in Canada are small enough that inventory levels are moderate and there is no need to dump the property}.Lenders - particularly the Big 5 banks - tend to prefer Power of Sale as it's more cost effective for them: No/less legal expense; they do not need to maintain the property while it is for sale; the owner/borrow is motivated to get the best price possible for the property (and not to trash it); and, if the property sells for less than the note, the borrow is still on the hook for the balance.

Only once did I re-negotiate because of termite damage that I found during the inspection, but even closed on that one after a small renegotiation to the price.