My main concern here is that you may not be including all the expenses that come with holding a rental property.You mention that you want to have $10k/month cash flow from 7-8 properties.

Next, go to your state's Department of Revenue website and register for state payroll taxes, both wage withholding and unemployment.Good luck!

With holding costs and resale costs, you would not have any profit, in fact, probably a loss.

My family is experienced with flips however, no experience with holds.  

I knew there would be some draw backs with holding my properties in my entity.What has your experience(s) been when establishing/obtaining a Home Equity Line of Credit on your property,which is held in your entity?

I'm definitely withholding judgement until I get rent records, utility bills etc. 

The question I wanted to ask is what are the fees associated with holding your license on an annual basis in IL and in MI?

The document is okay, but you do a walk through just prior to closing,Mohicans is standard, and don't close if it's not vacant, or have escrow withhold a big chunk of money from the proceeds.

Well in Florida (Broward County) if the AC isn't working properly and the Tenant complaints and notifies the landlord of the problem and the Landlord doesn't fix it in a timely manner(10-15days), And God Forbid if theres a child in the unit the tenant(s) can withhold rent.. or Worst pay rent at the County clerk's office then you will have to show proof that you've rectified the problem..

@Brandon Hall is actually a local CPA who specializes in real estate.One thing to note is that the state of Maryland will automatically withhold a percentage of the sale for possible state tax due unless you file for an exemption, which needs to be processed I think at least 21 days before closing.