Seek the appropriate legal counsel on the best way to set up and manage your LLC.I hope this helps.

I think once you factor in vacancy and legal expense (which I don't see), you would be closer to that $15k.A class C building will probably wind up higher on the maintenance side. 

A lot of forum members are very knowledgeable in their respective fields related to real estate investing, whether that is real estate sales, wholesaling, flipping, rentals, lending, self-directed IRA and Solo 401k investing, or tax and legal guidance.Discounts on some products and services are offered to BP members: https://www.biggerpockets.com/perks/proIf you haven’t been to it already, you might want to check out the BP blog: https://www.biggerpockets.com/renewsblog/The site has quite a few tools that can be helpful for new members.

I am looking for some legal advise to determine my business structure in the US.

@Vincent Finn When you begin to accumulate properties ( i.e. five or more)It would be advisable to form an LLC and separate yourself personally from the business just to make sure that your personal assets are protected legally.

If the house is a preforeclosure, the owner might owe 3-9 months of mortgage payments to the bank and owe back taxes, interest, penalties and legal fees. 

A lot of forum members are very knowledgeable in their respective fields related to real estate investing, whether that is real estate sales, wholesaling, flipping, rentals, lending, self-directed IRA and Solo 401k investing, or tax and legal guidance.Discounts on some products and services are offered to BP members: https://www.biggerpockets.com/perks/proIf you haven’t been to it already, you might want to check out the BP blog: https://www.biggerpockets.com/renewsblog/The site has quite a few tools that can be helpful for new members.

Being the guy to show up, close off all access from the back (which may have been going on for 20 years). throw up some fences, change the garbage routes and put in some renters, may be legally doable (or not).

I know that I need to review lease agreements and update them to my liking and make sure they are legally correct.

YUP when it was legal to do these in Or and WA It was my main business model.. we still bought at court house steps but only after we failed to get the owner to deed to us and let us buy sub too..Now this comes with risk.1. usually not enough time for title company escrow so you buying without insurance.2. old owner may squat even though they say they wont.3. bank can call the loan all over again but you have plenty of time to sell before that would happen.4. you miss something with your do it yourself title search.what you need is an Authorization by the owner signed with their SSI so you can contact the Trustee service that is holding the sale and the bank .. to get accurate payoff numbers.. then you simply get a cashiers check or wire to the trustee or service and reinstate the loan at the same time U prep a deed from the owner to you..