They installed it no charge and added the outlets....

First, a little history:A realtor approached me through one of my ads seeking investors.

I do run ads to keep my audience growing and actually put thought and time into my posts. - Linked in: I do connect with people on here and have found vendors.

I would recommend adding a profile picture as it really enhances interactions with other members and helps build the sense of community.

All of the expenses and the miles are added to your cost basis.

You're certainly right that you can get an FHA loan for 3.5% down (the closing costs can be added in to the loan amount).

I have read that single member LLC's can be classified as "disregard entities" and treated as sole proprietorships with no liability protection and adding a spouse does not change this (as opposed to an unrelated party); however, I don't really know what I am talking about and I read this somewhere on the interwebs :)

The real gold is in the smaller for sale sites and knocking on doors of FSBO.

Use the pictures you have from when it was last vacant and put ads on CL, Rentlinx, etc.

The success or failure of this type of investment is largely determined by WHO you are doing business with.In summary, I like the strategy but you have to do homework on the deal AND the sponsor, talk to references, obtain and verify track record information, and be prepared to NOT invest if things just aren't adding up.Good luck!