"Get signed estoppel letters from the tenants"...signed by both tennat and seller/landlordMake sure you are fully aware of your state landlord tenant regulations in advance, no point in risking being dragged into court by a tenant.Existing lease will apply for duration however many inherited tenants will often need to be evicted.

It is my understanding that with the new regulations they released allow an individual to self declare on their taxes and it doesn't necessarily need to be an LLC (Although any large investment should be in an LLC for legal protection).

@Stanley Bronstein state laws and regulation vary so wide on these issues. 

Not sure of regulations in your state....in my state you need to actually have the funds available to purchase the property.

Rules and regulations were not enforced and there were broken down cars in the parking lot.

Tenants regularly lie when breaking a lease and seldom give proper notice.There are many advantages to only using M2M leases including the fact that M2M tenants are generally very forthcoming with their plans to move.You should also check your state landlord tenant regulations.

Every states have theirs regulations.

Hello Edwin I’m a gc/investor operating out of the Philadelphia Pennsylvania area of the country.I can recommend investing in the Philadelphia area as I know it well and I am finding lots of success here.Strong buyer and rental demand.Lack of inventory ( quality rentals or homes)Typically numbers range from 30-50 purchasing 30-60k renovation budget 150 -175k arv on the lower end and. 80-150k purchase 80-120k renovation budget 235-350k arv. 45-115 day turn around timeLicenses and inspection ( building code regulation enforcement) is reasonable and inexpensive.

Expensive regulations. 

Thinking there could be some regulations on this?