The deal is risky unless you know the market well, have experience executing this strategy, and have accounted for the quality of the asset and tenant. 

Make sure that your tax accountant understands this. 

I reconcile our trust account each month in about ½ an hour.

She isn't thrilled that her refund is so low but I was able to give her an exact account of the revenue minus expenses and she thanked me.Far fewer phone calls.

Budget Wisely:Make sure your budget accounts for the purchase price, the cost of the renovations, and any additional charges involved in flipping a house.

If you don't have a US-based bank account, I would get one as that's a requirement by most lenders.

I already have a Stessa account.

Though I am unsure how I would amortize the up front remodeling costs for P&L, tax accounting.2) Interest only loans term loans -  Would allow current owner to have cash flow on the property, without eroding the asset value. 

Are you going to keep the separate bank account, keep corporate minutes?

I'm currently exploring opportunities in real estate, particularly in accounting roles.