So, no tax benefits.Flips on the other hand are often done with an LLC with S-corp tax treatment to help minimize tax issues.

My advice...get at least two quotes on everything, make sure your roof is leak free, make sure you get a termite treatment (tent...spot treatment is BS), find an area you like, and get a property there.

The water requires minor treatment, but things can certainly change with our wonderful public office folks.Great tips on the septic inspections & pumping, I'll implement that if we close.  

@Jason Hirko  throw in a few nice hail storms and there ya go.. we are moving to Vegas this winter and changing to NV tax treatment..

Treatment of discounted notes is very different from installment sale - which is what Linda described. 

The BP podcasts definitely helped me to visualize the kind of scenario that unfolded.

I am waiting on my wegolook visual assessment of the property to make sure it is still standing/occupied etc.

There are basically only 2 methods to buy real estate at bargain prices:Method #1Situations where you are the only potential buyer who knows about the deal (no competition), and the seller is willing to accept your offer and terms without seeking outside bids (offers) from anyone else.Method #2Where the public knows about a property that’s available but cannot visualize its potential value – like after it’s all fixed up.

Just like there is precedent for entitling raw land but not turning a shovel on it and still be eligible for 1031 treatment especially if you feel you can demonstrate that your intent was not primarily resale and some time has passed.  

., as @Dave Foster stated, Partnership and LLC interests are specifically excluded from 1031 Exchange treatment under Section 1031 of the Internal Revenue Code.