Accelerated depreciation, taxable income forecasts, and running various numbers/scenarios.Point is that tax planning/financial planning is not the area to skimp.   

You'll run into DTI problems.

However, the idea of running a rental business while waiting six months for payments especially with bills still coming in doesn’t seem sustainable.Can anyone speak from experience in the current market?

If you do you may run the risk of piercing the corporate veil of your LLCs making you personally liable for business debts. 

@Joel Lebovits the neighborhoods closer to the downtown area of Canton are more run down, with more vacant/distressed houses.The farther you drive away from downtown the nicer the houses get, in general.

The biggest challenge is finding a team you can trust that will run the business for you because its not passive at all. 

read these threads and see what you think.https://www.biggerpockets.com/forums/12/topics/1215726-break...https://www.biggerpockets.com/forums/48/topics/1159104-overl...https://www.biggerpockets.com/forums/963/topics/1195280-expe...https://www.biggerpockets.com/forums/48/topics/1160450-run-i...https://www.biggerpockets.com/forums/48/topics/1137397-balti...and before buying something in Alabama why not house hack first in Miami?

If you go directly to the seller as the buyer, you run the risk of being stigmatized.

As someone who deals and talks to real Private Lenders (small shops run by a guy who lends his own capital and doesn't use big box), they have a hard and fast business model that produces the rate of return they need to remain profitable and curb the risk on their cash.So the best product for a budding fix and flip investor is the bridge loan which includes acquisition money and construction money. 

For example, if you're talking about areas south of Waynesville, plan for the entire process to run at least 2 years.