I would only hire out for major work I can't do myself or emergency repairs.I've dealt with older houses before and the house may be fine for occupants but there's still usually lots of things that can be fixed / improved so it seems a house that isn't perfect would give more opportunities for ongoing maintenance of this sort.To me it seems fairly straightforward to meet the time requirements but I think I need to have extensive documentation?

Shayan, just make sure you do your due diligence looking at the HOA documents.

Get their email addresses and draft the documents. 

I refinanced the $300K mortgages keeping it at $300K increasing my cash flow by more than $18K/year.The good news is 1993 was a bad year and there are pages and pages of RE auctions.

The first step is always reporting to your local police department and getting a document that states that any unauthorized visitors will be trespassed immediately-- but in my experience, it takes more than just this to get the squatters out.

Just make sure you document everything properly, and once the property is in your LLC, it can operate as you described.As for your concern about taxes, keeping it under an LLC is a smart move for liability protection and managing income.

Quote from @Rajagopalarao Paidi: How much value goes down for a house with foundation issues, found a house for FixNFlip, they mentioned it has foundation issues and they got them fixed, but whats the value reduction from market price , How safe it is to purchase house like these Not safe at all unless you have an INDEPENDENT inspector who really knows foundation issues gets all the documentation from the seller and talks to the seller’s contractor and then conducts his own inspection of the foundation, house, and surrounding lot.

Others might be fine with taking risk, but least by doing this a person can get an idea of what might go wrong.e) Legal document analysis: it will usually take a few days to go through the legal document properly, as almost inevitably there are tons of gotchas that either have to be explained, or mitigated with a side letter.That is the very short summary of what I do.

The HAP and related documents is from the state and very specific.

@William CoetHave you spoken to an attorney to review the documents?