As with any RE professional that you include on your team...make sure that they are investors themselves!

An LLC is a pass through entity so unless you are advised by a professional differently, double taxation will not affect you. 

Second, consider joining a local real estate investment club in your area to network with other real estate investors and professionals locally.

In your case (being from NJ) I am sure you are used to the seasonality of renters and vacancy.Also, current comps for my purchase are coming in around 65K (in-line with what you are seeing)Best of luck/skill and let me know if you have any other questionsAloha,Matt

My advice would be to make strong, trusted connections with other RE professionals who are either in construction themselves, or have a solid background in it.

@Mike Stadel I don't know if I would take the advice of a free forum over a professional. 

------I will appreciate any professional advice on my situation.

And yes, it is best to use guidance of an experienced CPA, get a tax professional who specializes in real estate on your team.

It is not to be relied upon and readers are advised to seek professional advice.

It doesn't matter whether the deals are good deals or not, you are just building the skills of understanding what to look for and what parameters you can mentally set in your head.