Yes, an investor agent, an experienced rehab contractor and a very experienced private HML that is also an investor, all of which provided invaluable guidance.

With the numbers you provided above, you will have to ensure you have healthy reserves.

Thank you all for all the information and assistance you have provided 

They worked exactly how your retirement accounts are supposed to work but 3 x faster. 

Thank you for providing that info!!!    

I wouldn't imaging the state where the entity is registered makes a big difference for most buying and selling purposes as long as you can provide all of the required documents for title purposes.

It doesn't even take into account the pref!

Maybe some AI pro can provide a solution?  

Even if the rental has a decent cash flow with additional flood insurance, we're still not sure we want to take on that risk as we are out-of-state investors (planning to move back to KY in the future, but not now) and we don't like that it will potentially bring down the perceived value when we try to sell it in the future.The seller has never lived there and has not provided any information on if it has flooded before or not. 

syndication/private equity deals have a much better chance of penciling and providing decent CoC as there are more economies of scale and sophistication at the GP/operating group level in general.