Any attorney who does both real estate and corporate law should be able to help with this.

I have SFHs and a few small apartment complexes, but this would be a first for me.Quick run-down:45 lots, with no room to expand18 full - 15 POH and 3 paying just lot rentPublic Utilities, proper zoning, paved streetsSmall town, around 45 minutes from any sizable town; around ~2,500 residents that are mostly blue collar, lower incomeI believe lot rent should be around $250-300 per spot once full and stabilizedCurrent asking price is around $200k, with expenses running around 35-40% of gross incomeMy initial plan would be to give all POH to the current tenants if they agree to re-sign lot leases and update all utilities and other facilities as necessary in order be prepared for additional homes being moved in.  

The 2nd I updated and rented for a few  years and just sold for a $230K profit.

Will depend on several factors like the type of property, type of tenants, your risk tolerance, other assets you own, your estate planning, laws where the property is located, etc.Any lawsuits would be limited to the assets of the LLC and not your personal assets (assuming you run the LLC appropriately and the corporate veil is not pierced).

The house is unique and on 2 acres, but needs serious updates and renovation.

Whereas the dense interior of the city (I call it "the grid" due to the neatly arranged streets on a perfect 1 mile grid) is packed with old houses desperately in need of updating.

@Corinna Gossner Any tax paying entity - corporation, partnership, trust, LLC or single or multiple tenants can do 1031 exchanges. 

@Jay FittsI'll definitly be keeping it updated as we start flipping the units. 

Wanted to update this.Spoke to the property manager and the neighbor who brought up the concerns over the mold is legit crazy.

The best way to combat that is probably to get numbers on the table, not only how much the property is worth, but also how much capital it will need for repairs and updates.