It needs roughly about $1,200 worth of work (my newbie opinion).

I usually try to get opinions from two attorneys for State foreclosure laws and two realtors for CMA’s to ensure the investment has a reliable collateral on it to cover the investment with good returns.

You can actually remove your name from public record by doing this, as explained by this article.Otherwise your best option is hunting for a bank that offers you the best commercial loans possible - but the rates will not be as favorable something you would get in your personal name.This isn't legal advice, just my opinion as a real estate investor.

In my opinion the only advantage of opening an entity is for asset protection. 

In my opinion that seems pretty steep.  

Of course I would want more insurance than what I owe on the property (at least market value plus 20%) but in my opinion replacement cost is not worth the premium. 

That in my opinion is a very poor  practice and indicates a hobby landlord approach to business.

My opinion is that if you can't either get significantly over 1% or can get houses in the $60-$80K range, or even less, with financing, you will become rich.

I have a question I would like to get everyone’s opinion on.

Needed a good bit of work but property had great potential in my opinion due to cost & location What made you interested in investing in this type of deal?