If you plan to be there at the property for the entire rehab process, then go for it.

I am also in the process of getting these properties into LLC's to minimize liability since these are now quite hefty assets.

So far just finalizing the purchase process and I believe I've adhered to all of the requirements thus far.

According to the managing broker, if I put my head down and worked, I could make $15,000 in my first 12 months, give or take, because of the process of getting my foot in the door with meeting people, advertising, and so forth.

How does the process involved in paying off the superior lien work?

Using other peoples money is a great way to keep you honest on the project as well keep the project out of your pocket.I thought funding my own would give me control but what it really did was hogtie my leverage and made me emotional in my decisions.There may come a time when funding everything makes sense, but even if you do a few flips with HML, you will understand the process, have a foot in the door and be positioned to act on ANY opportunity when it comes along.And having a bunch of your own employees just means that they are looking to you or leaving you if the work slows down. 

I'm in the process of overhauling my lease as we speak.

However, getting from simple Phase I/II due diligence to developing a remedial plan can be a large and complex process and costs would have a wide range until more is known.

The bigger issue is you need the ability to manage the entire process. 

What was the process?