What I say is around the lines of  "you may be aware of not but the the county has listed your property for a tax sale, you can still avoid the tax sale if you pay the taxes before the deadline but if you rather just sale this property, I would like to have the opportunity to buy it from you".I have also considered using the line "I'll buy it from you before you loose it to the tax sale" but I decided against it as it is deceptive and could be seen that way.  

I flew to milwaukee and spent 2 days looking over that market and it's got huge opportunities.

However, there's an interesting property situation that my mom's living in, and I used it as an opportunity to pretend-crunch some numbers.

I am in the process of outgrowing my current market and would like to to move to bigger MF opportunities, in larger markets. 

As @Cat R. said, it can open up a lot of opportunities for unnecessary issues. 

Working as a property manager I have developed a passion to be my own boss. I am ready to take the first step in what I hope will be to build a property management company. I am interested in purchasing to either rent...

Some of the local municipalities here will contact a taxpayer with a letter essentially stating you filed a Schedule C, but you don't have a business license - explain this to us.I don't know that California does the same, but the opportunity is there for them.Best of Luck with Your Real Estate Investments!

The venture-specific LLC will offer more liability protections, and you will have the opportunity to craft an Operating Agreement that puts a "clock" on the details of your deal.

Also, what are the fiscal pros and cons of wholesaling?

If your ratio is bad, you will not easily get a loan if and when a good buying opportunity comes along.