The deal worked out okay but the agent my borrower worked with wouldn't release the keys, even after escrow closed, until his commission hit his bank account, that among other small issues. 

As a side note, Floridas current insurance issues are mostly caused by other factors besides the increase in severity and frequency of natural disasters however (roofing scams and no caps on lawyers fees for claims, both results of bad government policy that resulted in most insurance companies leaving the state and the remaining ones raising rates to account for having to pay for all of the roofing scams and absurdly high attorney fees on simple claims). 

We are starting to implement more VAs into our accounting and property management parts of the business.

@Ben StanleyGet liquid first start by saving money in a taxable account

I've been looking at foreclosure auctions.  1) If I wanted to use my HELOC to bid on a property and with my LLC in mind, I'm leaning to having to fund my LLC using the HELOC, with my bid price in mind (plus other costs) and then bidding on a property and if successful, write a check from my business account. 

And with a 7.75 % interest rate and after remodeling this property  it will cash flow $1,671 after accounting for maintenance, repairs, property management, capex, earning a 6.90% cash on cash return

One "bargain" cost me $30,000 in hidden repairs - don't repeat my mistakes.Build your team early: a realtor, inspector, contractor, accountant, and maybe a property manager.

For example, should I have one checking account that manages all expenses, such as down payments for properties and serving as the main source for rehab budgets?

Hey Mani,I don’t have firsthand experience with the Memphis market, but I do invest heavily in Detroit and have done well with Section 8 properties there.

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