You'll want to look into the rules for the new 199A 20% pass through deduction which could help you save some money on your LLC income, especially since it sounds like you may be under the income thresholds to be able to take advantage of it. 

There might be restrictions.

What happens if the owner occupants just get tired of having renters nearby and enact HOA rules to prohibit rentals. 

Disclose to the end buyer and the agent so that it is transparent that you are buying and reselling to them4. the end buyer should either be buying cash or their closing company know about the option so that there is no issue with underwriting with the buy n resell5. make sure there is no stipulation with the short sale lender that does not allow you to flip, Some have restrictions on the flip and or for % of profit.6.

There are a lot of "rule of thumbs" you can use like budgeting 5-15% for Maintenance, and 5-15& for capex.

Olivia, I can offer a few helpful tips on this based on recent research and rule changes. 

They have a set of rules to go by for qualifying you, but the rate/terms could vary from lender to lender.Shop around like you would for anything else.There is a Credit Union here in San Antonio that will pay up to$5k of your closing costs. 

They're pro-affordable housing just against rent controls, gov control, and rent restrictions.

I have 122 front doors in Northeast Ohio and you can get the 1.5% rule.  

Most sellers placing restrictions on the dates when they will accept offers are banks or other institutional sellers, they are not known for being flexible or even logical at times.