Once the 1031 is complete the LLC dissolves and again the property is distributed to the former members, including the properties just purchased in the 1031 exchange (which each member probably picked out for themselves).This method solved the feared "held for investment" issue. 

Unless it is a new build, and it comes with purchase warranties are an extra cost and may or may not even be executed when needed depending on the circumstances. 

Process is simple. 1. purchase contract2. send contract to title company3. bring cash to closing and you're done

Aim to increase your Operating Income by acquiring 3-4 units for the next purchase.

Purchase price: $115 Cash invested: $17,000 This is my first fix and flip.

The latest red flag is his belief he purchased a "fully renovated" property in Philadelphia for $115K.

There are other submarkets of Columbus like upper Arlington that have higher like $500 per square foot but the purchases are tear downs at $200 per square foot so the real exit is $300 or so.

The biggest determining factors for STRs in the area are purchase or build price (and associated mortgage) vs rental expectations, that will help you determine net cash flow.

Curious thoughts on the following scenario.Current SFR with $51k loan at 8.125%, just purchased with around 10% built-in equity on the property, $250 monthly cashflow (post expenses).

I guess the idea is to use the equity from one property to purchase the second property, and so on.