I may be new to investing but I'm an expert when it comes to the area and surrounding markets (indeed I've had a front row seat to the growth in Florida).

I would like to use it as a vacation home as well. 

I'm still working full time and I'm not comfortable doing a flip so far away yet.

Currently an investor must own all of the outstanding tax liens since the first auction, and it must be four years since the first auction, before it can foreclose the liens to obtain the property. 

While cash flow is $300 a month (which isn't bad as I assume it has a mortgage), where you will make your money is when you sell through appreciation.

I will post the before and after pictures, hopefully it can help anyone starting this journey, we are new investing out of state but NOT new to handlining construction project out of state for clients, looking forward to the challenge!!!!

Do you have a good and dedicated PM

@Misti DelMar keep in mind that you are doing an FHA and you have to move to the house and live there for some time before being able to refinance.

The last time I went through tenant applications it was a paper/pencil situation.

Typically we do not see any direct tax advantages of putting a rental into an LLC.