He also reminded me that since it was originally under contract for a personal loan and not business, that passing the entity over to an LLC would not protect me in the case of a default on the loan.

Know it and remind yourself of it every day. 

Reminder, only 1 FHA loan at a time for 99% of scenarios. 

Patience is key in this game (something I have to remind myself all the time)

I was reminded listening to the latest podcast that the fix/flip thing comes with a hefty price tag to your current employer... up to 60% of the income, so something to keep in mind.

Great reminder for me to slow down and go back to a. doing solid due diligence and b. negotiating.

Partial payments will be returned and we will charge a $25 partial payment return service charge.As a reminder: Rent is due on the 1st of the monthRent is late on the 2nd of the month A 10 day pay or quit letter will be mailed out on the 3rd of the month if you have not paid your rent in accordance with NCGS §42-3, but is not required as per your leaseIf you have not paid by the 5th of the month, there will be a 5% late fee added to your rent in accordance with NCGS §42-46(a)1 and your lease.On the 16th of the month, we will file the beginning paperwork with the Mecklenburg Country Clerk of the Civil Court to start the process of eviction.

Remind them that they will be on the hook for rent until you can get it re-rented. 

Reminder for our next meeting...next tuesday, June 27th, at 6:30pm.  

Of course, there are always other things to take into account, but since you're basically breaking even while house hacking - it looks good from that vantage point.I certainly don't want to dissuade you from doing the deal, but I read this article recently and this thread reminds me of it: https://www.biggerpockets.com/renewsblog/2015/03/0...