Hi BP Community,I'm in the process of evaluating a fix-and-flip opportunity for a single-family home (SFH) with the following details:Purchase Price: $1,000,000Renovation Costs: Approximately $400,000Estimated Timeline: 12-14 months from purchase to saleI'm trying to determine what would be considered "good enough" multiples and internal rate of return (IRR) for this type of project.

Investment Info:Single-family residence buy & hold investment in Orlando area.Currently under contract for a single family home that we will be utilizing as a short-term rental.

I have completed a full single-family rehab in Iowa through personal funding and decided to BRRR.

I do have a handful of clients that have ended up using multiple CPAs just due to who their partners were on different deals, and even in those cases they almost always end up consolidating to a single CPA - taxes are enough of a headache without dealing with 3 different professionals who each only have a slice of the whole picture.If you are going to regularly be investing across the country, it doesn't hurt to work with a firm that has State and Local Tax (often referred to as "SALT") internal resources, though typically this does come from larger firms with larger fees. 

You are going to blow a lot of money for a false sense of security that a good insurance policy can protect you from and save you thousandsThe LLc is the most overused and money waster used on single family rentals.

I did a very similar house hack here in Columbus Ohio by buying my first 4/2 single family house and renting by the bedrooms. 

Assuming you are the single member on the LLC, if the property holds the LLC you would not be a first time home buyer in Fannie/Freddie's eyes.  

., single-family homes) and miss out on opportunities in duplexes or small multifamily.

@Tejas ParuthooliI can answer your question by telling you a story at what points in my life I was developing the software and I asked my attorney if he could write terms of use his response was brilliant he said the best terms of use policy is that microsoft.com they have the largest law firm in the world at that point it was simply copy and paste.I can understand paying an attorney to drop your first LLC but after your first one it's copy and paste.With single family properties you could probably just have one LLC with your umbrella insurance.

Hi Bob,If the LLC is a single-owner LLC, is it still crucial to have an attorney create the operating agreement versus a service like LegalZoom?