Absolutely sounds like a good option!

Have you identified a property yet, or are you still exploring options?

As things with real estate are starting to pick up for me I'm now getting to a position where I could feasibly have more than one project running at a time and am trying to look at options for how best to keep these straight and on top of all the deadlines.

I will answer as it relates to traditional BRRRR, in the general case there are additional options.  1) Do not perform maximum cash extract.  

Both still have value, but you have to know you are looking at third or more serving options in these places.

Another option is to use a rehab-only loan from a HML while going with seller financing for the purchase.

The other option is a water supply line, but that would typically resulting a steady leak and the damage would occur faster.Really think about what is above that space that could cause the issue.

The more you have saved, the more options you'll have.The road won't be easy, but it will be rewarding in the long term.

@Travis Boyd Outside of instances where FHA or other extremely advantageous financing options exist I am a proponent of the LLC for investment real estate although the liability piece is overstated.

Many people start out active because they want exposure to real estate and don't know that you can start out passive - you can effectively hire the asset manager and supply capital to the investment.You can have great success as an active or a passive investor - but it is important to understand the difference and to select whichever option matches your skills and resources the best.Good luck!