@Micah Huffman unless you are going to commit to learning some basics about being a landlord AND are willing to commit at least 2-4 hours each month managing a Property Management Company - it's probably best you sell.Otherwise, it's highly likely you could lose more due to bad tenants and management.

What was your very first real estate deal like?

With this many houses for sale, a home basically needs to look like it’s out of a magazine—and be priced fairly—to get multiple offers.”Regional HighlightsSeveral Florida metropolitan areas have reported significant increases in active listings:•Orlando: Active listings increased by 30%, leading to a more balanced market.

I'll work with an attorney to assist with drafting that.Q2: Yes, I'll talk to my CPA but we'll most likely hold the property for at least 1 year under the LLC given our timeline to design, permit, build and sell the property, meaning I should avoid short-term capital gains.  

A unit renting for $700 probably can't go straight up to $1,200 overnight with no updates unless your property looks like the other ones in the area renting for $1,200 and offers similar finishes/ amenities. 

It takes boots on the ground, local resources and experienced agents to help a deal like this come together so quickly.

If you have at least 10% down, strong cashflow, and credit over 700, this will likely solve your problem.I dont lend in WA, but Im sure there are several lenders on here that can handle this for you. 

Like let’s say I get a house for $30,000 and it appraises for $165,000 would my new mortgage amount be based on the property that is now worth $165,000?

Of course long term investments are where wealth is built, but need to find ways to quickly obtain them, which involves strategies like fix/flipping.

This is a marathon and not a sprint, so look at it like that so that you can have a long and fruitful career.