The Great Plains is about corn, soy, or other grains.

It's a sickness, I tell ya. :-)

Plain and simple

Take that one step further and you can form another plain old LLC to acquire the assets with, and then "wash" the income through the S-Corp to achieve a "reasonable" salary, 401k contribution w/matching and take the rest in the form of a dividend which may reduce your overall tax burden.There are also some forms of ROTH that can further be of benefit depending on your overall financial matters that may be worth looking into.NOTE: There are limitations as to how many loans you can take from a 401k per calendar year, so don't be in a hurry to payoff your 401k loan just to take out a new loan.

This is all plain and clear on the calculator and on any spreadsheet I would create myself.

I was recently contacted by the owner of the duplex across the street from mine, he's sick of it and wants to sell it to me owner contract.

  $200k on a flip is just plain badass. 

Suggesting to just make an offer and then see if you can beat the bushes for a buyer at a higher price isn't even in the realm of any business approach in any industry without knowing that market, plain silly.

of flipping experience, which a partner can augment.If you're doing yet another plain vanilla flip, borrowing is the way to go.

You might structure your interest with a note.If you are in title, you will be on the security agreement, deed of trust, but you may stay off the note.Frankly, I don't mind personal liability issues with rentals, good management keeps me from being negligent and in any event someone chases me, I'll sick my pit bull insurance agent and company on them, no one here will get past the liability limits even if 20 kids fall off the roof or the place blows up.