@James Holland, Thank you for your sources, I will take a look at them.

As an appraiser, I am trained to always consider the source of the data.

What I was trying to say is that  if you are reconstructing an income and expense analysis, from unreliable sources, then you should focus on the process not the value.

The difference is that for your boss you are an employee and if you are solely collecting rent for him/her then that is not a problem. 

Buying old listings is like mining any lead source, it's a numbers game.

So don't stop with this single source.

A LLC must be formed from the get-go with the IRA as the sole member.  

If you believe that the flip is relatively low risk (given that you dont have to buy the house its not as risky as other flips) you could see if you could raise the repair cash from a source like that.

Did you get the cabinets locally or from an online source?

Also, what is a good source to find the appropriate offers/contracts so that I am protecting myself and my clients