I have dozens of clients doing this in New Jersey most of which come from no construction background, they simply use preferred vendors we have in place (not GC's) which lowers renovations cost because there is no middle man. 

@Jessica ZolotorofeHello From the Future ;)Ive spoken to a couple title companies, and transactional lenders and I have not heard about double closings/backtoback closings being illegal.

Buy in an area of the city where people are upwardly mobile so they will leave in a couple years as they have high paid tech jobs. 

Company first, flip a couple homes first, etc.

Hey Sai, I am an agent in Cincinnati and Northern Ky, and if you are interested, I would love to see if your preferences fit this market.

DSO Trends: Like DSOs, MSOs often prefer continuity for patient retention, but they may be more flexible depending on market dynamics.

Check out your local Salvation Army, they always seem to have a couple in decent shape for $100 or so....

Then a couple years later, discovered that a piece of paper was signed at closing which was never read and in fine print says something about the home being owner occupied throughout the duration of the mortgage... wtf?   

I think this is generally a good post but, a couple of subjects warrant comment (opinion...which yes, I know how valuable anyone's opinion may or may not be).* In my world (Bank) a "Foreclosure" is a property/loan that has a filed notice (Often referred to as first legal) that a foreclosure has commenced and is somewhere in the foreclosure process between first legal and sale (or post sale redemption).

Do not think you can just start an investment company with 15k (that is reserves only on one property).Work for the next couple of years while you all learn and use your skills to help build the foundation of a future company and leverage your relationship with the alumni to see some of his properties and learn.