Great points from @Doug Smith and some I will be leveraging in my own work.We do some "pitching" of startups to landlords and while not a 1:1 comparison we generally also leverage the credibility of the team or consultants that the startup is using to mitigate their risk. 

Generally speaking solid insurance and a good umbrella policy will provide ample financial protection for most liabilities.

@Derek Buehner Repairs made to your primary residence while living there generally aren’t tax-deductible.

That is what is meant by slow flip except generally you will use borrowed funds to buy distressed property and sell for more with financing--similar to what some used car dealers do but with an appreciating asset instead.

Generally if you are up front about the intention and the members are disclosed along with the membership interests and members personal financials underwriting can proceed with the formation docs to follow.

Btw, this all applies to owner occupied SFR sellers; commercial or investment property falls under general commercial transaction regs 

Credit score- the higher the best. 760-780+ generally gets best pricing for investment property loans with most lenders. 

The primary form of diligence we see on the forums is "what do you think of XYZ sponsor and deal" whereas the common form of diligence in the space by institutional investors, large investment groups, family offices, and sophisticated investors involves following the sponsor for years, underwriting the deals, validating rent comps, background checks on the general partners, and a host of other diligence that materially de-risks the investments.  

It's my understanding that the city is responsible for all the piping up to the curb stop in my front yard and I am responsible for the curb stop to my property.Yes from the water meter to the house is generally the owner and from the main line to the meter is generally the city.. 

Hi @Yents Ybrimovic - I love the FHA 203k renovation, but to be honest I love the Fannie May HomeStyle renovation loan even more.As an investor and a general contractor, I have used both products here in Chicago!