Many investors use this method but have not been around  long enough to experience the down side.

As a beginner, you are the biggest risk. 

It hasn't been a month yet and I've got co-workers and family members looking at me like I've made the biggest mistake of my life and I will be back to working at the dealership again.

I'm probably looking at adding insulation and new windows among other things.There is a new build just 2 blocks away which will definitely help with "selling" my concept to buyers.The down side is the property is in the flood zone.

From all the analysis I am seeing and the announced developments from the biggest oil companies, I see a very positive future for Houston.

Probably, the best hing that should be sucessful is to contact the biggest real estate office in Casper to find things out and they may have a contact person that that knows about investingGood luck to you!

One of the biggest advantages of an LLC over a corporation is that you can take shares of most corporations from a person who owes you money, but they can only get a charging order from an LLC, they cannot take the LLC ownership away from you if your operating agreement is done correctly.   

Regarding townhouses, there are a few downsides.  

This property has been well maintained and had a new roof put on four years ago.The biggest repairs I see are possible electrical update in one building and some Decks that need replacing on the outside.I see value ad because of the low rents and could possibly add covered parking or storage to increase the NOI.

Your BIGGEST hurdle might be in disciplining yourself to ONLY considering bargains!