I'd like to see the math breaking down that ~50% tax rate figure. 

It simply comes down to doing your homework.

If that is so then the math looks very good.... actually too good.

Someone check my math. 

Its pretty easy math but its been really difficult to hire people to come in and do things we have done and are capable.

A conservative estimate (because the math was too difficult in a single-tabbed, dynamic spreadsheet without doing some programming) puts the rental investor at $3.0M in equity.

I think I have to do some homework and figure out the financing.

Most of them only see what is sold on MLS which tells me they don't do their homework.

Write down if you take a walk, and how long it takes.If you talk to your children, or help them with homework, or change their diaper (depending on your specific situation), write it down.Write down how long it took.Write down how long you’re commuting back and forth to and from work.Write down how long you were at work.Write down how long you were on lunch eating.If you do something OTHER than eating on your lunch break, write it down.Simple.You may feel weird doing it.That’s ok.Do this for 3 days.Make sure these days are pretty normal days for you.Nothing out of the ordinary; just normal days.At the end of the 3 days, or at the beginning of the 4th, look over your log.You now have a snapshot of your life.Figure out where you’re spending the most time.You’ll find sleep is at or near the top of the list.That’s ok.We all need sleep.You’ll find work, followed by your commute, is at or near the top of the list.That’s ok.We all need to work.You’ll find eating takes up a good portion of time as well.Here’s where it gets interesting.There are 168 hours in the week.If we take out 8 hours (high for some people, but I’ll be conservative) during the week for sleeping, we’ll subtract 56 hours.That leaves 112 hours.

I've done the math many times for clients, and someone with a non-real estate day job of $100,000 and flipping income of $100,000 who pays him- or herself an annual salary of $60,000* from the S corp would save $4,200 in self-employment taxes by doing his or her flips in an S corp rather than an LLC.