Some of The pros  there is that I see my money first, and then I pay out my 1099 employee. 

Good thoughts as we embark on this New Year.....our time is precious and should be valued way more than most people do.One of my favorite sayings - "Money is a replacable commodity, time is not"

Time is money, and delaying a renovation often means lost rental income.

Even if they don't pay the max, they will counter with what they will give you and you can take it or leave it.If you list too low, you may be leaving money on the table so let them counter.

On a rental that’s not generating income is it any different book keeping wise then you would for a rental that’s is making money Or what are good things to know or learn Thank you !

My ultimate goal is to save up enough money to invest in a fix and flip property(which my family has been doing for a while) and live in it, until I rent it out and use the equity for another home.For any real estate agents or professionals in general, how do you find consistant deals?

@Dan GroveAs a private money lender I agree with Nicholas' sentiment.

These operators totally bungled the deal and operation but still made money due to the market.2.

I would like to be in control of my money, so I have always gone with the highest deductible posable and maximized cashflow.  

@Luke H.Hi Luke,  As a private money lender myself I will focus on one element of your deal---5 years is a long time to be finally paid.