And this is not the case for a true flip, as in Basit's #1.Mentioning #2 creates a dangerous incentive to ignore the rules applicable to flipping and rely on a flimsy declaration of "intent" to hold the property as a rental. 

I’m inclined to rely more on the protections offered by my insurance and umbrella insurance rather than the LLC itself. 

What are some ways to find leads besdies relying on brokers?

Mortgage, Taxes, Insurance, HOA: $3040.37Estimated rent: $2475Total Expenses: $3660.12Vacancy (5%): $123.75Repairs (5%): $123.75Capital Expenditures: $100Property Management (11%): $272.25Information when I bought the house in 2022, new constructions Purchase Price: $373000Purchase Closing costs: $4662Current home value: 400k-420kCash Flow: $2475-$3660.12= -$1185.12; -$71107.2 at 5 yearsCash on Cash Return on Investment (CoCROI): 0%Appretiation per year (6%); $535,290.23 at 5 yearsEquity: Loan value $345,089.53 at 5 years; $190,200.47 in equity at 5 yearsLoan Value today 6/2024: $368,201.59Total ROI in 5 years= (Total profit/Total Invested capital)/ Time (in years); Total profit: $190,200.47Total Invested: $71107.2 (neg cash flow) + $42757 (closing sale costs)= $113,864.20Total ROI (5 years)= ROI 67%, annualized ROI 10.8%My biggest concern is that I am relying solely on appreciation and assuming will appreciate at 6% per year. 

Bottom line:  Professional flippers don't rely on getting deals closed in 2 months unless it's a property that only needs paint, flooring,.... no permits.

(I'm not an electrician so I rely on others for this info) I'd ask the electrician to look at the appliances in your unit to make sure the electrical supplies from the new box to the unit will be safe.

I’m not sure my place is for sure legally able to be rented out to 2 adults and 5kids!

This makes more sense to us than relying strictly on  rigid yes or no criteria where any negative  disqualifies a candidate entirely.Some criteria is weighted more heavily and can overcome negatives. 

We received multiple offers and while we are unsatisfied with the loss of principal, we believe we received the best offer available.Explanation of the OutcomeThe percentage of loss on this project is atypical as are the circumstances that caused it.As a way of background, we rely on professional third-party inspection firms to visit each property and report on the status of the renovation.

Otherwise, you have nothing to rely on in the worst case of going to court.