They will need to guide you through the exercise so you minimize whatever tax exposure there may be. 

If I remember my contract law classes correctly, the seller is obligated to try to minimize his damages.Look for any other language about "buyer default" and see what it says. 

I suggest going slow and steady to start and minimize room for error.

you should pull a permit for any kind of structural work, including but not limited to foundations, foundation piers, roof framing, floor joist repair/replacement.with you removing a load bearing wall that would be a definite yes. like Katie Neason said its the right thing to do. and the cost is minimal  compared to if you get caught and are fined.

Also if you buy something that only needs cosmetic renovations keeping costs to a minimal. 

@Mathew Fuentes gas should be minimal if you manage leasing well. $300/year is plenty so long as a unit doesn’t sit vacant in the winter for too long.

@Colby Wherry I would buy a really solid cash flow potential property that needs minimal repairs for the first one to get done experience with a small turn and rent first.

@Ashish AcharyaSo basically should a 2 member LLC for operations, not for rentals choose S-Corp taxation or partnership taxation to minimize taxes?

I'm not trying to look for "an easy answer", just looking for help in thinking through potential strategies to generate leads with minimal time cost to me. 

I hadn’t thought of a turn- key concep as another way to minimize hassles ( if you buy the right ones).