Hi everyone - Im actually looking for something very similar - a wholesaler or realtor with investment background to locate a property in need of rehab that we can house hack - live in and fix up while living there.

I actually a big believer in Judicial creativity.   

There look like there are some good deals (and houses I would be happy to actually live in!).  

I wanted to know if I NEEDED to have an LLC in place before I actually start.

If someone buys your LLC, as opposed to the actual properties, they will assume your Current basis, and depreciation schedule, which will increase their taxes when selling.

The electric water heater actually keeps costs down in my situation and makes tenants become responsible for conserving resources. 

My first visit was not quite as dramatic as yours, but it was a disappointment because the house (duplex, actually) was configured so weirdly I had no idea who would even want to rent it, lol.That said- is your disappointment due only to the state of the house, or is it because of you were to put money into rehab, you'd have no hope of recouping it from rents?

You will want to get bids from at least 3 of these type of companies (small water damage specialty contractors) if you actually purchase the property.

One of the best pieces of advice I have gotten so far is to educate myself!

@Jose Garcia - tell her to get an actual loan approval from the bank, subject to property.