I have only bought 2 ways- MLS and through wholesalers so this is my first experience with pre-foreclosure. 

What would be nice is also to have someone on more often who has been around a longer period of time (ala pre-2008) as most people in real estate only know the good times and what we have ahead of us is not the good times.

With that income and currently no debt I was able to get pre-approved for properties in the 300k mark.

Wife is a realtor, hubby is part owner of an industrial construction company.Ideally wed love to get a fix and flip for our first investment.1- what is something you wished you knew before your first flip?

Employer profit sharing contribution is pre-tax and a business expense for the business. 

(I'm sure you know as ex-mortgage, but I'm putting it out here anyway for others) First, make sure you have your pre-approval for any financing you'll need before you even start your pursuit.

If they are an investment group they should pre-vet you and only charge you and let you in if THEY KNOW they can get you funding. 

I am pre-approved for the loan, and the lender only lends to LLCs.

Agree with everyone else - Install a nice pre-fab vanity, tasteful mirror, add a nice light fixture, and slap a coat of paint on the wall.

Would your new conventional financing have a Pre payment penalty?