If the ARV is 110K, and your going to be into it for 65K plus 10K rehab + 10% unexpected costs then you are at 76K.

I agree with @Joe Splitrock, as I tend to want a comfy cushion for unexpected expenses, no matter what I'm getting myself into. 

Through those outlets, I thought at the time that I needed to start an LLC.

We're planning on flipping that one, so if you ever want to grab a coffee or come check the place out, let me know. 

Seems like the major thing that landlords want to protect against is an unexpected disruption in cash flow.

My mother very unfortunately and unexpectedly past away in April of last year with a mortgage and a HILOC still on her house, the house I grew up in.  

I have an update:Update #1I was super excited to find a possible 3 flat building, which was newly listed on MLS, But my excitement quickly turned to horror as: Unknown property conditions of 2 occupied unitsOlder, possibly original, electrical wiring that needed updating immediately (vacant unit had 1 electric outlet per room)Seller is deceased, estate now held by sister who lives in New York, who has never visited buildingPossible water/roof damage as warping and thick cracks appeared in stairwells/wallsOlder, leaking windows Questionable plumbingBIGGEST DEAL KILLER: EXPOSED ASBESTOS WRAPPED AROUND ALL PIPES IN BASEMENT!!!!

You should check it out. Let

Vacancy and unexpected repairs could turn a good situation bad quickly.

And that's best-case; no unexpected vacancies, no unexpected damages, etc.