if he is sick would they like to keep an income stream by owner financing?

@Johnny Szeto Although you do not need an LLC in order to deduct expenses for repairs, it is certainly recommended to open a separate bank account for all transactions related to your real estate investment activity. 

I'm a new investor in the LA county area --I have been looking at some properties on auction.com and was wondering if anyone has had any experiences with the site/buying foreclosures in LA and any related advice...thank you! 

Why use an LLC if the other side is going to be able to "pierce the corporate veil" with relative ease in my case?

I have a 3rd party PM in place that handles most PM related issues, but there are always units that need rehabbed when they become vacant, etc.

I am trying to understand the safe harbors as it relates to expensing rather than depreciating items. 

It's in a relatively small market but one I know pretty well (but do not live in). 

Not trying to be critical of folks, just relating my personal experience.

Once the master LLC is set up, the filing fees and attorney costs to add a series are relatively inexpensive.

Create relations with people, I have people I consider mentors.