Now my question is to begin with is it a better idea to buy the cash flowing property first save my profits along with my W-2 job an then has time goes on purchase, say a single family property in a great appreciating area.

So if lease had say 300k left on it rather than forcing the tenant into likely bankruptcy where you might get nothing you offer say a termination fee of 50k.The goal is to try and cover down rent time, attorney fees, any leasing commissions, and tenant improvements so at break even as much as possible getting new tenant in.

Let's say a flipper makes $25K a deal and a guru gets $25K from a student.  

The main pros are I can get say a 60k house that’s rents for 900-1000.

So lets say a house is in preforeclosure and the auction date is in 15 days.

I'd say a normal tenant will cost you only a cleaning fee, plus some minor wall scrapes you'll probably just live with.  

If you have a multiple member LLC, the credit partner (the one getting the loan), must be on the LLC in order for the property to be used as collateral, but if the other partner is also on it, any lawsuit against you can't "injure" the other partner since they would have nothing to do with the lawsuit...thus, the LLC (and the property as its asset) is protected (this is where I say I'm not a lawyer and don't listen to what I say as Gospel, and consult with you own lawyer, etc...).

The monthly variation in ACTUAL cash flow is part of the risk that allows us to demand a proportionally higher return from our investment than say a physical bond with a defined coupon rate.  

Some folks say a license is a waste of time and money.

Is this a better or worse time to buy than in say a year or two?