Before you get a flip under contract it is important to know that you have a vendor/contractor you can trust that will do the work needed.

I ended up getting around 9 deals under-contract, while constantly being pressured by my manager to get more deals under-contract or he would publicly mock us in front of everybody.

I noticed the market was shifting, so didn't run to get under contract until day 43 of the identification period.

Those stores go with whoever wins the cheapest contract. 

Once under contract you do significant more due diligence to verify the data you have been given.

You can set up an LLC after you've gotten under contract on a deal!

Of course, with all things, the answers to all these matters will depend on the circumstances.California tends to have more laws on the books and requirements and restrictions that it can be a good idea to form a CA LLC for out of state property so that you as a CA resident are covered, and to try to have your contracts fall under the purview of CA courts.

I am under contract for another property and am 99% sure I will not use them.

I have three properties in AR now, and as of about four months ago, two of them were vacant despite having two-year contracts on the properties.

Hell, i've seen attorneys volley contracts back and fourth with each other for months on end arguing things like the meaning of the word "the" in "the contract".....All while racking up those $500/hour billable hours of course.Case and point, I won't change your outlook on the industry.