A furnished mid-term rental or month to month lease can be well worth the small incremental monthly cost for this flexibility if you are serious about finding a great live in flip candidate on your timeline, not that of your employer's. 

As a beginner investor based in the Seattle metro area, I'm eager to learn from your experiences and share my journey as I get started in this field.My current strategy is to focus on live-and-flip for the first three deals (looking for my second deal) to gain hands-on experience while building equity and learning the ins and outs of renovation and the local market. 

I've been in a co-living mastermind for a year, but I'm curious how you set your business up.

Tax-wise, profits are taxed at your ordinary income rate, and frequent flips may subject you to self-employment tax if classified as a dealer by the IRS.

If one of the LLC members lived in another state and that person acted as managing member then you can avoid the FTB fee, but looks like you both reside in CA. 

After 25 months, If they can prove that they lived in the property for two of the past five years, they can sell it as an owner-occupied residence.

What do you think of my essentially 7-word answer? "It's like selling pizza by the slice".  Too simple? Just right? How would have you answered? 

I live in Harlem but work downtown so if I have to go to the building it is not too bad after work.

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Any sober living investors out there willing to let me pick their brain on how to underwrite a potential deal?