Hello Zachary,  You are correct in looking at the Mid-West for cash flow. 

Purchase price: $380,000 Cash invested: $135,000 Annual rental to be turned into STR when tenant vacates What made you interested in investing in this type of deal?

I send over an offer , cash -as is , less than I am willing to pay .

I'd find a new builder and have late build penalties. are you building all cash?

In particular, I’m a huge fan of the South Side of Chicago or Northwest Indiana for cash-flowing properties.

Registration fees $800+ SOI $50 fees California and legal stuff-keeping it simple-easier to refinance a SFR if decide to just BRR and cash out refi in my personal name versus trying to get loan in LLC name. 

Yes not just for cash flow but for the health of the deal.

To avoid unnecessary liabilities, delaying acceptance or exploring a cash alternative may be the safest financial option.This post does not create a CPA-Client relationship.

Apparently they take preferred interest in your company or have you sign a UCC cash flow agreement.

I’d recommend starting with rental arbitrage to get your feet wet and generate some positive cash flow.While I haven’t personally done rental arbitrage, some of my employees have, and they found it to be profitable.However, as a long-term strategy, you’re essentially building your castle on someone else’s land.