One main issue being the frig water line leaking and no one saying anything till I happened to go in the basement and see the waterfall coming from the first level - ruined my new hardwood floors :-(  Wondering if peoples fears and issues change much from different cities like New York, Dallas, Los Angeles, Orlando, Seattle, Kanas City, Etc.

I would like to do a live-in and flip but I am aware of my level of inexperience, I don't think it smart to act hastily.

Depends on whether the activity rises to the level of a trade or business or is merely an investment.

@Zachary Schimenz this will vary greatly on the size of the house, number of bedrooms and baths, level of finishes in the house, overall condition.

3) Are you managing these yourself, and if yes, what is your level of experience managing rentals?

If it’s a limited partnership, The activity from the rental will be shown on the partnership level.

@Bruce HansenMost of the neighborhoods around downtown are seeing a tremendous level of this, some more than others.

If you dig a little deeper into the forum you will find 100's of threads related to the strategy mentioned.

I know you will have to work your way through 2-3 levels of customer service before you get to a person with some authority but I would start there.   

Next level for you would be to do some spec building and scale from there.