Note, you could run several businesses from one LLC (flipping and lending, in this example) and account for all income and expenses from one checking account.There are many bookkeepers that specialize in QuickBooks who could help you set this up and show you how to use it.

We also bought this property because of the adjoining parcels that we own and the potential future development opportunity we have in owning both parcels.That being said, I do believe this is a temporary rather than permanent issue and I would initially prefer to try to work something out with the tenant, rather than try to get them out.Regarding the % sales model, have you seen this work well with mom and pop tenants in a cash heavy business and self-proclaimed bookkeeping?

We're computerizing our accounting systems and the coffee futures unit operate on it's own and do it's own bookkeeping in loose leaf notebooks.

Does anyone know of a good and affordable bookkeeper/accountant in the LA area that understand the real estate development/flipping business?

There are other costs for the GC in house that will need to be taken care of as well - bookkeeping say - that without being paid for would hamper the GC's ability to get the job done and that may ease some people into the deal.

@Calvin Ruth I was thinking the same thing Calvin, but don't forget to take the vacation with what  you have saved in time, attorneys fees, yearly LLC fees, additional bookkeeping fees, additional insurance costs, more, more.

And First month's rent will go to my PITI and the rest cashflow I will split between reserves and giving myself a little payout to enjoy.BUT, how do people choose to handle last month's rent on your own bookkeeping/accounts?

If its small stuff and my core parnters IE I have been doing deals with them for more than a decade I just fund the rehab up front.. makes for much easier book keeping for me. 

Hope the cash payments will be verifiable, (checking account records and quality of bookkeeping).  

Cash flow will be higher but will be offset by more bookkeeping and weekly collection costs.The key is the immediate capex a property needs going in which is additional to the 50% or 60% ongoing cost projections.