Start small with a single property to learn the process and scale as you gain experience.This post does not create a CPA-Client relationship.

Dan,The process to create an LLC in Illinois is pretty simple.

I can't find anything about people successfully using AI yet.  

Keep an eye on those delinquency rates and ensure that the property manager is proactive in rent collection.Maintaining open lines of communication with property managers is also part of the process.

These loans require taxpayers to be current on all previous tax filings, highlighting the importance of expedited processes for obtaining necessary documentation, such as tax transcripts or copies of prior returns.

I know the process from beginning to end and documented this thoroughly.

However, this is not a cash out refi.Cash out refi is when you refinance an existing loan, with another one (i.e replace the loan) where there is enough money left over at the end of the process where you can put some proceeds in your pocket.When it comes to your strategy - just make sure you're being conservative with your numbers on the purchase / rehab if you don't plan on using other proceeds to payoff the HELOC. 

Quote from @Jacob Hrip: I have read this one years ago and it is a great book by a very successful guy in the space!

However, there are some investors here who are having a lot of success finding cash-flowing deals through off-market sources. 

I would say anyone who has done 5 flips is experienced and that success rate should be closer to 90% and up.