I am looking at a split level single family house foreclosure. 

Just a bit, eg few flakes as I recall, and you’ll have high lead levels.

Depending on your goals, investment strategy, and comfort level with outsourcing, the flyover states can offer great potential to earn a quite attractive return on your money! 

Even after a potential bump in foreclosures I dont see prices on affordable/entry level housing going down much until interest rates start to rise. 

I was 23, making a whopping $35,000/year salary + some laughable level commissions, with my wife having the same salary.

How many units could you afford with that level of negative cash flow?

The last 8 years or so I've been lucky enough to be on the executive level producing shows for networks like Discovery, History, Tru TV, Netflix and TLC to name a few and it's been great. 

I would not call myself mentor level at all, but I can share what I've learned from others and my own mistakes.

What do you consider a safe level of savings?

However, the two LLC approach above basically is like having an insurance premium of $700 a year, ie the LLC, that helps with segregating your assets and providing some level of protection.