I agree that is will be a gamble as to how well it will do.Also, ask the owner if they will entertain partial owner financing to keep from dragging family and friends into this risky business venture.Maybe even rent from owner for a year with right to sublease to see how it goes before committing to a purchase.

That said, I can handle it when necessary and have successfully built multiple self-started businesses and ventures in real estate investing (REI).

With an LLC, you may be able to deduct business expenses more effectively and avoid double taxation.

When you say "we," are you speaking about your business or your personal tax returns, or does your business flow into your personal returns because you file as a sole proprietor?  

My mortgage will be $2,005/month, and I’m budgeting up to $600/month for utilities, leaving a potential monthly cash flow of $995.I also set up an LLC and a business account to track rental income and expenses.Questions:Do you have any advice for me as a young real estate investor?

You can put your license in referral at most brokerages and pay no fees and still be able to do referral business.

I only have 4 properties so I cant speak on that Oh absolutely it would not be free just as most integrations in this business are not free.

If you run out, you’re dead in this business.

Provide copies to all parties involved.This project-specific agreement works well for one-time jobs, but if you plan to work with subcontractors regularly, I highly recommend having an attorney draft a Master Services Agreement (MSA) for your business.

Just a cost of doing business.