It a turn-key operation.

My understanding is AT LEAST, if you're going the LLC route, you need to file in every state.You create the entity in any state and then foreign file everywhere else.B&H investors need a business license to operate the rental(s), but flippers may be different per state.

Here are some of my initial thoughts:After you pay a manager to run the operations, what is the net profit?

I suggest you Google "APOD", which stands for Annual Property Operating Data. 

For some reason when I tried searching for out-of-state buying the search wasn't loading, so I figured I'd try posting until it eventually worked :pAnyways, you make some good points.

If it needs new roof and stairs and the current rent is $365 (vs what you are saying is FMR 570), then you are looking at a boat ton load more work than just roof and stairs.

hey all,i viewed a duplex yesterday that requires a load of work and wanted to hear thoughts on it.I've attached a few pics from the dumper.

Such a vehicle is designed to operate from a tax perspective exactly like any other IRA, and simply opens up your investment choices to include things like real estate.  

At that point you have a general partnership and 1065 obligation.If you're doing that, it may be advantageous to take it one step further, form an LLC and write your mother into the operating agreement as the functional equivalent of a limited partner. 

I have a rough draft of an operating agreement that I drew up with my partner and I would like to have it reviewed.