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.

Business opportunity--offer a bookkeeping service to these guys.

But this would significantly complicate our bookkeeping.2) I want to keep closings in and out of the deal as inexpensive, simple and quick as possible.

Explain that multiple payments leads to more accounting and bookkeeping costs and collection procedures and throws everything off.

I am thinking 8 plex or more new entity would be good... please share your thoughts.Also, more entities would be annual fees, book keeping expenses, accounting and IRS filing accountant expenses etc.