I also believe strongly in getting a mentor or a coach who is better at recognizing when something is a deal and when it isn’t a deal and who can point out potential pitfall.I like an analogy that Robert Kiyosaki uses about risk.

In a second time, you assign the beneficial interest to your LLC.The title of the property will read land trust xxx with yyy as trustee.In some state land trust are not recognized as entity, so the bank account should be under the name of the beneficiary.You can use a third party LLC or Corp as manager for the property.

Then, you'll be able to spot opportunities that most others don't recognize. 

Some things the government and the accounting world has considered to have a useful life of multiple years and has required that you are only allowed to recognize that expense and take it as a deduction over that useful life.  

The fact that you recognize a property like that means you are getting a feel for your area.

@Taryn Elbaor, @AUDREY DESOUZAhas the right idea. 1031 is a federal statute but most states also follow suit and recognize the same process.  

We found rotting floor joist, a mold problem, and some risky tenants He did not want to recognize the risk we where exposed too and the deal fell apart.My misstate was agreeing to a low cap rate before starting due diligence with out communicating my intent. 

Please forgive any grammar mistakes - I am using voice recognition software which doesn't always recognize my voice.

I don't know how active you are in the forums but the more you are the more you start to recognize who the seasoned players are.

@Ned Carey The 3 or less comes from SEC regulations for small partnerships and raising funds, care needs to be taken that the entity is not recognized as raising capital and a note is a bond.