That said, I agree with the others that the LLC name isn’t really something to spend too much time on.

Abstract fees (abstract of title fees).Charges for installing utility services.Legal fees (including title search and preparationof the sales contract and deed).Recording fees.Surveys.Transfer taxes.Owner's title insurance.Any amounts the seller owes that you agree to pay, such as back taxes or interest,recording or mortgage fees,charges for improvements or repairs,and sales commissions.Settlement costs do not include amounts placed in escrow for the future payment of items such as taxes and insurance.3) if there were other costs incurred to acquire the house such as if you spend money for tax advice, tickets to fly to look at the house( or milage)  and such also gets added to the basisGood luck

Obviously I am not including service animals in this discussion since they are a protected class.

Just keep your head down and spend the next 3-6 months learning and networking and before you know it you'll be ready to move on your first deal and have the knowledge and confidence to know you're making the right decision.

Spend some of your free time in the market that you are interested and get to know it a bit.   

You spend just as much time on these low end as high end with greater cash flow. 

Very little legal protection for either of you in the event that one of you skips town.

You can then try to get a judgement if it makes sense to spend your time on that.

Converting to storage- I guess you would need someone to be the gate keeper and you would also have to fence the place in to keep people out and protect whatever is parked there. 4.) farmland- In santa cruz this would be gobbled up as a hobby farm but out here in the valley 2 acres is not really something a farmer wants to mess around with in regards to farmland.

You certainly need to spend time learning how to check someone's math, don't necessarily take their word for it.