All my properties (11 total) are in Detroit, Memphis and Seattle and if you want to chat about any of those markets, happy to do so. 

This is a great place to learn and to connect with people so take advantage of all the great resources.

So I give the bill to my PM and they bill the tenant and they reimburses me.

My biggest mistakes that have cost me dearly have all been contractor related, so my advice would be to vet your contractors as much as possible. 

so, to recap, you need cash for: down payment + closing costs + holding costs.for a new investor, a live in flip might be a lower risk option than an outright flip. 

@Brad KanouseYou've gotten some good info so far from Arthur and Dmitriy and I wanted to add in some other things to think about as well.1.Self-Directed IRA (SDIRA): This is what @Dmitriy Fomichenko mentioned, and he's right, it could be a self-directed IRA or a solo 401k.  

So apply for a C-Corp in Dec a return is due 4 months later.My article in the forums indicates ho the State of Illinois just gutted the LLC asset protections.Good Luck and Good Investing.

Renting to a family can lead to disputes, so a formal lease is essential for professionalism.

If so, what would be your argument for that?

I still need a way to track each tenant’s water usage, so I’m considering the Moen Flo Smart Water Monitor.