We'd like to sell the lost off for profit or develop them ourself and built new homes on them. 

I hear people say make a LLC, then I hear personal is better, and I am quite lost as to which would benefit me as a Canadian the best!

How much are you asking for rent per month x that by 12, that's already how much you've lost. 

You're going to have rehab costs, lost rent during the sales period, closing costs, etc, etc.But in terms of calculating net worth for a personal financial statement, its a simple calc of how much do you owe and how much would it appraise for?

Looking back...I personally would have followed #3.I have learned my lessons...made some money, lost some money, made some back...but in my opinion...partnering from the get-go with the right person would have been a preferable route for me.Just my 2 cents....I still love the fact that you have this community to learn from! 

I used my fitness pal and have lost 30 lbs to date!

- lost rent, new tenant acquisition costs, etc.)You do have two options.

My first deal was very similar, and I lost $40,000 on it because of those same mistakes.Good luck!

Just a little lost on how to form a sole proprietorship LLC in Texas, wondering if someone knows the cost and some basic knowledge on how to start with this?

At least I can make up for the lost rent with the better carpet deal.