Price cuts stem from a few things: - Agents/PM's over promising on income- Buyers not doing their own due dilligence- Buyers thinking they can take a place that hasn't changed since 07 and bring in the same amount of income as a new build that had an interior designer come in and make it sweet.That goes for The Palms, Destin, and any other major market.

I live in Phx,az and recently friend of mine sold his bank (ex bank of america) literally as is and profiteed $300k  , he purchased it right out cash last year (I think) and it was in real bad shape in a shady part of town,  before him taking possession of the bank  homeless people where living inside it an using the bathroom anywhere in the building, he put maybe less than $5k in just cleaning it up and just a couple of days sold it.Basically the idea is to find super cheap homes in ****** conditions but the price is so cheap that you could still make profit by selling as is, investing as little as possible..

Most people will not qualify for this, Fannie multifamily is simply not an option for someone new to this asset class.Bank - This is a Texas headquartered bank. 25 year amortization isn't the sexiest, but that's a human-attainable interest rate with very modest points/fees, with a short prepayment penalty.

So 30k in interest payments on a primary would only net most people an $800 tax deduction since they would have already got the standard deduction by default, where as 30k in rental interest would translate into 30k in deductions.This means that for an awful lot of people, they effectively don't get to deduct the interest on their primary.Keeping the loan on your rentals, while getting rid of the loan on your primary also helps from an asset protection side of things. 

Which will bring plenty of other investors and general business to the area.

I am trying to figure out if people generally run these are sole proprietorships or through an LLC.

People would prefer to be in WF itself.

Also open to any recommended resources or people who are knowledgeable on Texas tax auctions.

Very knowledgeable in very forum and super friendly people.

There's a number of people that teach/coach how to start and run a STR company...Tony and Sara RobinsonMicheal Sjogren Rob AbasoloMicheal ElefanteAnd others depending on what fits your goals.