I just accomplished step one

[Chris Marshall]

My business plan in a step by step format so far has went like this. Step 1: deed my property off separate from my parent in laws property. That now is done. It took my wife and I's net worth from -30,000 to positive $180,000. Step 2: get a mortgage for $175,000 at hopefully 4% or under but if need be I could live with up to %6, and make it a 30 year term. Assuming taxes and fees and anything else may have taken $10,000 for some reason we are aloft with $165,000. Step 3: use $50,000 to pay off both of my vehicles and the current unsecured $20,000 loan on the house as well as two credit cards. This step is here because if we "consolidate" all of that debt into the the one loan we end up saving right around $800 every month just from reducing our monthly bills. Step 4: use $15,000 to finish a already started salon that will become my wife's new business. Step 5: with the remaining $100,000 we purchase a $50,000 or under home in our local community that we believe we could flip for at least a little profit. Our goal would be to put no more than $10,000 into the property. That leaves $40,000 for operation costs and taxes for a couple months if we did not sell the property right away. This is what I have so far and step 1 is done. What do you think of the rest of the plan and how would you improve upon it? Some ideas I've had would be that the company I'm creating would own my house and salon and we would "rent" from it. As well the company could own our vehicles and we would just drive "company" cars. I've thought about 1031's but I don't know if that would be the best route in this situation. I know away from the actual business plan I need to find a accountant and lawyer to help me but any input you all have would be greatly valued.