two partners that each got a third of the profit.

Purchase price: $169,000 Cash invested: $75,000 Sale price: $350,000 Third flip: I saw this home come up as a foreclosure but did not have the cash to buy it at the auction.

Buy a third property and move into it.  

You also want to determine if the buyer wants to do the work themselves and if so, will the particular loan program allow it or does the loan program require a general contractor, licensed, bonded and insured to perform the work?

Sue for performance of the contract unless they sign the release.

Nothing against one man/woman operations but the reality is a single person performing property management flat doesn't have the resources to effectively manage many properties.

Consulting, law, accounting, health professionals, artistic performers, athletes, etc. 

They could just not show up to the closing table -- but then the sellers always have the option of taking them to court and sue for specific performance. 

I think if we got up to 20 units we would start a third LLC

In the absence of good lighting, as contractor, will you provide your own ancillary lighting, or will you just get by, which could impact the quality of work performed?