I'd say you're already on the path to success – starting at 23 with $120k is impressive.

The tenant didn’t pay last two months of rent and we have put him on collections.

Really impressive! 

I am very impressed with your knowledge and will definitely going with your firm for the simpler 401k trust plan, and I will get rid of the LLC.Just for the sake of exercise, could anyone please still let me know if an IRA makes a private equity investment into an LLC and becomes the 100% owner of the LLC, and the LLC later receives tax forms against its EIN, will the owner of the IRA just disregard those tax forms?

You've got an impressive track record with rentals and have already completed a flip, even if it didn’t go perfectly.

Wow, @Ryan Dickerson I love your post because you seem to be on the right path.Figuring out your construction cost and building your team prior to entering into deals can alleviate a lot of stress during the project.Also, your respect and understanding of the value of a general contractor's time is impressive. 

Both are great and handle tenant messages, rent collecting, reports, track expenses, and so much more!

There may be ways to share space but give the impression of a separate unit (such as an unpermitted wall up to create separation). 

But, if you have clear evidence that fraud was committed, you may have legal action against GP, but this is typically hard to prove, and likely going to be costly for you to pursue, and if the deal is already failing, there likely isn't much of anything left to collect anyways.

My general impression of the area is that you tend to be better off getting the more expensive homes, as they usually house more people and have significantly higher rental projections.