Do the math, pay taxes now on a small amount or pay taxes later on a larger amount, it really doesn't matter - this is very true when making the Roth Conversion decision and is pretty close on distributions.The issue is the penalty! 

Since you self-manage, you would be on the hook for liability issues, so anything you own is at risk - and you own the single member LLC so that becomes at risk. 

I personally do not like seeing this and find it to be a red herring for, "There is a issue, we know about it, but it's on you to figure it out".

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As Chris points out, private money is your only option. you cannot get conventional financing because you can't get anyone to issue a title policy on an active foreclosure.

Accountants are in such demand, that the best are not even accepting clients half the time.The other problem I see often with accountants on here is that they specialize in larger investors, and have really high prices when you as a smaller investor do not need all the bells and whistles.Another thing I see is folks thinking they need to have a tax professional in their state.

I have seen to many people try to do taxes themselves and then we have to go back 3 years and amend the returns because the taxpayer either is exposing themselves to audit risk or missed out on a great deduction that would have resulted in a larger refund 

I have a good full time w2 job so coming up with a down payment is not an issue.

This could make you run into issues for getting conventional financing and HELOCs.

Would I have any issues with the insurance company in case something happens?