At $5k/month with a 40% expense ratio, you're at a 21% cap..

This is what I am encountering, in the current Mortgage Industry.If you think you will go FHA, Conventional, FHA 203k, etc. and then Quit Claim the property, to a LLC, or a Land Trust you run the risk of the lender discovering a Title Transfer occurred and activating the "Acceleration Clause" or "Due on Sale Clause" that requires the loan to be paid in full, within 'x' number of days.

I'd look at the closing docs for something related to the pro-ration of expenses etc and see if you have anything there that could be a clause you point to for them to cover those payments. 

Flipping a brand new home likely wouldn’t bring much profit - especially after having to close twice when you first buy it, and later sell it.Maybe you have millions to spend and I’m just missing the big picture… but when I think of “income” I’m usually thinking “net income” after you factor in expenses, like purchase price or building costs?  

Having too many will cause for overlapping of properties and then it goes to procuring cause in which one gets paid. 

That loan is being paid off by someone who checks the box on the conventional loan application that they will be occupying the property.

I contacted the city to get all permits and the only one was one that my contractor got that I paid for.

As others have mentioned, Vancouver is very expensive and difficult to find cashflow. 

I have a few brand new homes popping out of the ground in Canby Oregon.. msut of Portland proper is very old the new builds tend to be skinnies or expensive . 

Overcrowding can strain plumbing, electrical systems, and air conditioning, leading to expensive maintenance issues.