I also have reserve account to operate properties vs using flat percentage eat mo for items.

If you buy three cheap ones and a year in you need to do a couple of furnaces and a roof it'll eat up all that cashflow you just made!

There would be common kitchen/eating area, a couple full size bathrooms, and a larger social space, These are examples of creative value adds but not ones appropriate for you. 

This eats up A LOT of these expenses.

The $800 FTB for the IRA LLC could eat up into your profits.

Or just eating it?

There are some provisions to get the money out when you are 45 years old but you need to eat today. 

A handyman landlord working with minimal help can do good work in these places, stay on top of things, and keep perhaps ten of these tight little ships running with practically zero outside labor costs eating into his profits or excessive time commitments, while he does modest, leisurely little spec rehabs and occasionally larger live-in flips anywhere he finds deals, accelerating his timeline to  pay off his street of moneymakers. 

If not, that will eat into your profits.Also, closing costs seem low unless the seller is paying some of them or you're an agent (or this is off market). 

If you expect to eat, expect to hit the ground running, be a self starter, and ****ing close!