We also wanted to have the flexibility to move things around from separate to community, or vice versa without having to use our attorney each time.

Personally if you are going for 4 flips in a year, try and find 1 or 2 good HMLs while you are searching for private money lenders who will give better terms - they will allow you the flexibility to make all cash offers which will be more attractive to sellers.Access to capital will be key as you grow so establishing relationships with the HMLs for your first few deals may help you a year or two down the road when you are finding multiple deals at once and need more capital.

Then when they face some headwinds they don't have the flexibility to maneuver, liquidate, borrow, sell if need be.

I would much rather have rentals outside of an HOA, as these add additional costs and limit your flexibility with the property (have to send any exterior decisions to a committee, sometimes cannot rent OR can have ability to rent revoked by committee vote).Aside from that, the main things I see are 40K for 1 property grossing $675/mo or 2 properties for 45K grossing $1000/mo.

Martin Thanks @Jon Klaus I agree it most likely will cost more but the flexibility may be worth it.

These loans are a lot more flexible than "conventional" loans.

He was priced well, broken down the cost on each item and was flexible with what I had done/chose not to do.

The month to month tenants have been there since 2010 and 2011, they were recently switched to monthly leases when the owner decided to sell the property to allow more flexibility to the potential buyer.

But today Jobs and Population are much more flexible as they were in the past.

Anything more you get large families and more wear and tear. 2 and 3 bedrooms are flexible and hit a large spectrum of renters looking for a house.