Will be closing on 15 units by mid September with my eye on another 4 plex. 

That helps with nothing - that's nothing short of him attempting to make an additional greedy investment in my eyes.

As a brief eye opener to get you thinking about some of the metrics, look up the 70% rule here for flipping, and the 50% rule as far as expenses goes for rentals.

Fellow Investors: After six (6) years of renting out properties, I still haven't yet figured out the best way to mitigate those tenants who fail to keep an eye out for the occasional leaky toilet flapper for which some claim the Landlord is responsible for occasional  high water bills.  

A single member LLC does not exist in the eyes of the IRS.

That said, and as always, you really have to keep an eye on your projects or have someone you trust do it for you (and have other checks and balances in place i.e. legal recourse, third parties, etc).

Hearing about people doing highly profitable deals think has really opened my eyes it's helping me see possibilities where I wouldn't have before.

I look at land with a far different eye now than the proverbial cursory glance & I take a long walk knowing the costs associated with any site & avoid propane & septic.

They have $$$ and buy the houses up very quickly.I'm not the type of person that will go out collect rent, keep an eye on contractors etc.

It's great that you kept an eye on the market in your neighborhood and didn't get so focused on your slow flip that you would miss the signs.