Missing collar ties need to be installed to provide proper attachment for the upper sections of the rafters in theupper attic to prevent sagging of the roof structure.

My first purchase was a fixer upper, that is currently primary residence, and now currently looking for my next deal.

To fully asses the property you will need to calculate the occupancy level, RevPAR, avg room cost and ADR and most important rev from last few years.FYI: hotel & motel are not a passive investment, but very profitable.  

This is actually more a gray area than it appears surface-level...IRC Sec 1402(a)(13) was codified in 1977, before LLCs were even on the Treasury's radar.  

It is a fixer upper and I was told it was vacant for 10-15 years.The deed attached to it is a Quit Claim Deed.The person with the quit claim is my seller in the wholesale deal.I never dealt with a quit claim deed and was wondering if theres any advice on what to do since I did get it under contract for a SINGLE Dollar.Thank you for any suggestions.

And if you decide to keep a few of the deals you do find, you should be able to build equity quicker than in places where there isn't the same level of demand.Keep it up!

Commercial is different level than residential.

You can also look up the event section here on Bigger Pockets.Depending on your knowledge and skill level it's always a great idea to continue your learning journey on everything BP has to offer at no cost and then move forward with their awesome guides and books in the links above.You will have a thousand questions on the way and here on BP, you can get more than a thousand answers.

I spent a lot of time on City-data.com and Trulia.com and crime heat maps.I used google maps at the ground level to see generally how people took care of their properties and what kind of cars they drive.

There is a level of peace of mind that comes with knowing who you give possession of your properties to, that I personally put a high value on.