okay here is a little story about this house. i bought the 1200 sqft house for $14k from a owner, and spent around 12k for remodeling such as a new wooden floor, paint inside/out , window and tiles and some new dry walls.  

I am looking to buy cash and fix and flip, but wondering if I should just keep my powder dry and wait. 

Dry naturally and repeat.If it's a flip, I'd source wood look laminate or the above mentioned tiles.

I would look at how much excess cash flow is present and figure out how to apply all of that cash flow to pay down the debt on the properties to eventually refinance the upside down loans away.  

Fees seem excessive.  

So when contracts dry-up, so does RE.Classically, Palmdale was intended to be an alternative to the LAX airport, just like Ontario. 

Point is, payroll companies don't have insurance that will be the same as yours, they may have WC but don't necessarily need to have CGL, Excess, Umbrella, or Vehicle, so basically their advice is not solid enough.

(He/she just may or may not have enough "dry powder", at any give time, to buy them all)2.

What happens when VC funding slows down, which it has started to, or even dries up? 

Wow, sounds like a great way to get into a house for nothing, while keeping some powder dry on the side @Brian Volland.The only other thing that might be a useful metric would be to do present value calculations on the portion of cash flow that you would effectively hold in reserve for future CapEx, rainy day funds, etc.