Can achieve high returns due to interest and penalties (8%-36% annually for tax liens).Can buy properties at 20%–60% of market value.Entry prices can be low, especially for tax liens.Lengthy Redemption Periods-You can face waiting periods (6 months–3 years) before taking possession Undisclosed liens, environmental issues, or structural problems can drastically increase costs.Auctions, especially online, can be competitive, reducing potential returns.Navigating county records, legal procedures, and filing paperwork can be challenging.structured education significantly improves outcomes, particularly avoiding mistakes.education helps with understanding local laws: processes vary widely by state and county.and proper due diligence: evaluating title reports, lien positions, and property conditions.and learning effective bidding strategies.Common Pitfalls without training can be miscalculating holding periods and returns.Overlooking hidden property or title issues.I cant recommend any training providers that I know about. 

This avoids confusion or conflict down the line.Open a separate LLC bank account for all rental income, expenses, and distributions.

Quote from @David Walton: This is something we have avoided as I have always been taught that we are the experts in the field and should be placing based on the rental criteria we have setup.

However, it’s crucial to establish clear agreements early to avoid misunderstandings down the line.There are two primary structures you can consider: a general partnership or forming a limited liability company (LLC).

I also want to avoid FHA or conventional rehab loans due to negative experiences I’ve heard.I’m considering two options and would appreciate input:1) Physician Mortgage LoanNo down payment or PMIRequires AC and flooring to be installed before closing ($44K)Would ask the seller to cover these costs and adjust the priceDrawback: flooring will likely need to be redone during renovation, creating inefficienciesPlan: fund the rest through personal loans and cash over 2–3 years2) Hard Money LoanFinance both purchase and renovations up frontComplete renovation in 6 months and enjoy the home fullyOption to buy AS-IS with no additional work needed before closingPlan: refinance after renovations to pay off the HMLLet me know your thoughts or if there's a better route I’m overlooking.

Just be sure to be prepared to get legal advice if you run into grey areas that you are not well versed in to avoid legal implications.

Wondering the above and if I should just notify other prospective applicants to avoid them paying to apply and having credit pulled?

Just avoid building a habit around it.

Any specific zip codes you would like to avoid?

Is there a way to avoid that fee and purchase under a trust?