You sound very organized for a first-time flipper so it looks like finding that mentor is paying off.

My husband is a contractor which gives us a leg up in flipping, but we are also curious about diversifying and buying rentals.

I’m under contract with my latest flip, the proceeds of which will pay off the heloc that I use to buy and rehab properties.

Realistically, one checking account and an accounting system will meet all your needs and keep your business better organized than 7+ bank accounts.If you want to collect bank interest from excess cash, add a savings account.

Make sure you buy it low enough to make it worth the trouble.

Why not use your IRA to just buy the property? 

I am buying a flip house from a wholesaler.

Investment Info:Single-family residence buy & hold investment.

Quote from @Chris Seveney: Quote from @Eric Henson: Do you guys ever take the risk of buying a foreclosure at sheriff sale with the previous owner still living in it?

i would not buy a random property in Alabama that you find on Zillow and turn it over to people you've never met just because the price point is appealing.here are some threads on how that can go:https://www.biggerpockets.com/forums/48/topics/1160450-run-i...https://www.biggerpockets.com/forums/12/topics/1215726-break...https://www.biggerpockets.com/forums/48/topics/1137397-balti...i own property in 3 states - happy to answer any questions you have.