Maybe needs $5000-$7000 renovations. property is in Pa. and he lives in NC. 

I could totally live here.

If Room and Board are an expected part of the deal, you'll likely need a responsible adult living at the home.

Then we would take the cash in hand and purchase a primary residence to live in (say ~$50K down payment) and then put a substantial down payment on another buy/hold property to rent out.

@Phyllis EffahI would look to forming the LLC in Alabama as that is the state that you will be considered doing business in.While CA does have a $800 minimum tax; you may be able to potentially avoid having to pay it.This will depend on the level of activity of your partner/member who lives in CA.If he is a non-managing member and doesn't make any decisions regarding the LLC; it can potentially be avoided (money partner).

First of all I want to thank you for your great advices in the forum and podcast, they have helped and inspired me a lot.Note: Sorry about my English but I'm not native, I'll do my best.I am a radiologist technician who lives in Chile and loves the real estate business.

Since we lived in the house for over 2 years, no taxes were paid on the gains. 

I live on the IL side of the river but that won’t stop me from meeting up with anyone on the MO side.

@Brandon L.i am live in dallas.

But they also sometimes cannot do things that require a live human (e.g. running errands to get things, etc.).