I'm looking for my first flip, so naturally I'm a bit nervous about holding onto a property.

Additionally, I keep going back to the thought of asset protection and can't determine whether it'd be worth the time and money to incorporate or form a company and purchase the asset through that corporation or company versus simple personal ownership of the property.

We'd be very happy just to break even.We had a bunch of initial expenses - lead testing revealed we had to replace all the windows and the oil furnace died so we are in the process of upgrading it to natural gas.

I will tell him about incorporating the delaying of closing for sure.  

Yes, I'm looking into this myself and what I'm hearing is unless you plan on working with partners or plan on purchasing a lot more properties in the near future, there is no reason to incorporate.

Project UpdateWhen we bought the house 1 of the units had natural gas heat and the other had electric. 

I have used this one to very nice affect:http://www.glidden.com/Color/Paint-Colors/Yellows/...In large rooms with plenty of natural light, it comes off as a nice creamy and surprisingly neutral color.  

", or "Incorporated".

I actually built my own excel calculator that mimicked the BiggerPockets calculator and added some of my own functionality (e.g. incorporated VA funding fees based on down payment percentages, among other things), primarily so I fully understood how all of the numbers that make a "great deal" worked together.

The problems here run deep and are systemic and fundamental in nature.