You can use it for any business you can imagine, as long as you understand the accounting principals associated with that business and how it all works together.In QuickBooks, you can set up projects for each flip and keep track of them on the balance sheet - where they belong - up until the moment of sale.If you don't have a lot of accounting knowledge and are relying on QuickBooks to be intuitive, then you are going to be VERY disappointed. 

I've seen a people make this work successfully in Tulsa, you'd just need to be sure your goals align and the contract is set up correctly.Out of curiosity, what interested you in rent-to-own? 

I would just say you aren't happy here, I will let you leave in x days without penalty or you can stay knowing this is the setup here and I don't want to hear anymore.

I have rent charges set up automatically for the duration of the lease and issue new charges each month for utilities I bill back to the tenants. 

As for the insurance situation, @Jaysen Medhurst is correct, that your insurance company will be concerned that you're using the property in a way that it wasn't technically intended, even if it's property setup for a three unit per building codes.

I actually ended up working with a DFY arbitrage program that finds the right property, negotiates the least terms with the landlord, and even has an interior design department to set up your listing.

Common fees will include a set-up fee, a leasing fee for each turnover or a lease renewal fee, marking up maintenance, retaining late fees, and more.

The key to having great financial systems is the setup and systems: If you get everything structured properly up front, you avoid most of the ugly problems many RE investors face later on.I'm not an accountant nor a bookkeeper, but I have great recommendations for both!

For those of you that setup a revocable living trust with your spouse/partner for your real estate LLCs and other assets such as bank accounts, did you setup a single revocable trust or separate trusts?

To just explain how our flip business has set up a system that's working for us - I hired an office manger to help us run the day-to-day business, but she is also licensed.