They have numerous properties free and clear, thus the need for the LLC and asset protection.

However, the things that made me question my future involvement with this unit were possible big expenditures like all the water lines being made of iron (nearing the end of their usable life before cracking on this 1960’s house), a giant tree root running through the center of the crawl space (could disrupt foundation further), or numerous large pine trees either already dead with limbs hanging or leaning over the roof that needs replacing already.

Even though the suggestion is out there the reality is that I shouldn’t expect folks to do this all on their own dime in this market.I didn’t want to pay for all or even part of numerous inspections, that could add up.

There are numerous other strategies out there, but these are the most common and straightforward.

Class A props won't cashflow for 3-5 years, unless you buy from distressed seller or can reposition and raise rents.Class B is really where most investors want to be.Class C is usually NOT for newies, due to numerous challenges that will cause panic attacks.

They have time constraints for specific elements of the process and must finish and lock one month before starting on the next.Your filing systems, both paper and digital, should use consistent naming conventions, regardless of type of property or ownership entity.

Landlords or property managers send out the notice to vacate, not courts.  3-day for non-payment.  30-day for other reasons (too numerous and not relevant here). 

The suburbs of my city (Chicago) have numerous cheap properties that are burdened by high taxes.  

@Laura MorenoFunny, I live about 9 blocks west of your target property, which is on the borderline of East Flatbush and Ditmas Park.Because a lot of NYC and Brooklyn is block to block, I have a rule that before investing in any property, you MUST spend a few Saturday NIGHTs during the WARMER months on that block to make sure it's not negatively affected by bad elements like long term problematic tenants or drug dealers who had made it a more permanent area to conduct their business.Why Saturday Nights on a Warmer month?

There is also potential for Unrelated Business Income Tax (UBIT) depending on many factors, including how often and how numerous the flips are.