Looking to do 1st deal....questions...Nola area

[Michael Breedlove]

Hey BiggerPockets! So here's the deal....my name is Michael and I own a painting business based just outside of New Orleans in Metairie, LA. I've been spending the past 6 months or so learning as much as I can about real estate investing and it's time to actually DO something about it. My focus is primarily going to be to buy, renovate, and flip (possibly in the Metairie/Kenner location) to start out. Then, I'd like to own several rental properties once I gain some more CashFlow. The plan is for my wife and I to get a traditional mortgage inorder to purchase a home to renovate. Then, my inlaws have agreed to take out an equity line of credit on their house and are going to have a little more than 40k in money that they are going to allow me to use. I plan to use that 40k towards renovation costs, holding costs, & other expenses. My questions for general BiggerPockets users: Would you recommend a single family home or condo for a first time flipper? Or would you just say that it depends on the specific area? Is it necessary for me to form an LLC when I'm first starting out in the investment game? (We are keeping the 40k in a completely separate bank account) My questions for local NOLA area BP users: What areas would you recommend for a first time flipper? I've heard suggestions for parts of Kenner, Harvey, Marrero, New Orleans East. Recently, I've heard people even talk about trying to purchase properties in the areas where the recent flooding has occurred. I would assume that resale for those areas may be pretty difficult, but those areas potentially could be good for acquiring rental properties. What are your thoughts on that? Thanks for any and all of you that take time To read this and respond. Any info/opinions will be appreciated!