I am currently involved with a simple single-family rehab adjacent to a larger ground up project.

But your plan is pretty simple and straightforard and should be enough to help you/someone get started!

@Kyle Rucker- thanks ....you will have a tough time locating a 2nd loan for  180K +  ....Ask the realtor you are working with for options ...Make sure that the lender holding the FHA loan will be able to approve your assumption  request  ( this can be a long drawn out step ) .....if you do find a 2nd mtg - compare the fha loan and 2nd mtg  to a  simple new FHA or conventional loan as there may not be a large difference 

In the past, I have owned residential real estate in remote locations ( other countries than my own ) and been successful in buy-and-flip, buy-and-hold, and some simple small-townhouse developments.

You WILL be adding $1,000’s if not $10’s of thousands in additional costs (accounting, insurance, banking, and financing will all cost more.)to protect the equity in the properties that a simple umbrella would have protected. 

Look, it's simple, how much does a tenant nightmare cost?

Have just hired a bookkeeper and at first she questioned having so many accounts but is now finding it a simple way to deal with the complexity of the fact that I have 7 properties and in keeping track of everything.

This would not solve the problem for just simple high water users with laundry, showers, water grass, etc. but it is a quick way to find those leaks that are not fixed.

It's really very simple math - buy it low, rehab it appropriately to gain a higher value (ARV). 

This form is 10 pages long and isn't simple to complete.