UBuildIt and Adair are different sorts of business approaches.  

If you can build some sort of creative advantage that allows you to complete a specific rehab cheaper than the next guy, that would allow you to take on the more marginal deals and still make a profit - for example, can you find cheaper financing?

The sort of work we've done has been on the order of renovating kitchens, bathrooms, replacing flooring, replacing roofs, etc.

As a realtor, I talk to investors every day who are trying to accomplish what you are doing, and these are questions that they end up having to sort out. 

And I assume you don't have the hassle of properties that have been vacant three years and need electric, plumbing and HVAC sorted out.

If you are a business then you may also owe Franchise Sales Tax on the income as well as personal.Www.mylodgetax.com is a service I have researched and will use to help me sort through all this red tape.  

They claim to be an assistant of sort and even schedule my open houses (I have to tell them what days I want to be there for this)...

A quick Google reveals that both MN and ND have some sort of TDR or conservation easement programs, although I couldn't find a home page for either.

I am just sort of responding as a thought process.

@Todd FindleyIf foreclosure procedures are already started, filing bankruptcy won't stop the process, but will delay things until the courts sort out everything.