However, the simplest and usually the cheapest solution is to use cash (or cash equivalent) or a construction loan to purchase and renovate, then refinance onto a conventional loan at as close to 75% of post-renovation appraised value.

In simplest form, you can just use a spreadsheet that mimics IRS Schedule E.

Obviously I'm in California where the simplest things can become a nightmare, but in your area it's probably much simpler. if you decide to do it, please post it on Investor Deal Diaries, I definitely want to follow along! 

Cash on Cash Return is the simplest formula there is.  

Trying To find out the simplest/easiest way to find Property leads to wholesale.

Everything in REI boiled down to the simplest possible explanation is *"Don't try to put square pegs in round holes".

Alternately, you could do a simply loan from each of the investors to yourself or the company, which is probably the simplest way to handle it.  

It is one of the most simplest and user friendly property and expense management software which I have ever used.

That's going to be the key ingredient here if you are investing out of state.  

@Val BerechetAt its simplest, you either pay the capital gains tax as a percentage of sales (25%) or net profit (30 or 35% - check for the latest figures with your tax advisor.In most situations, the net profit route will be the most advantageous just based on those percentages.