So if you don't close, you pay nothing it sounds like.I personally think that's incorrect.

That sounds great.

Sounds like you know what you are talking about as far as Cat 5/ethernet.

If you can rent for that high on those priced homes, then I think it sounds like a great niche.  

One trick a few custodians use to dissuade folks from pursuing the LLC option is to make it sound more onerous than it needs to be.  

It sounds like a nice idea, if the numbers work out.

The leasing or rental of units in those two family homes in which the owner occupies one apartment of that home as his residence is not covered by this law unless: The homeseeker or renter is a recipient of public assistance or housing subsidy; or,The leasing or rental process utilized the services of a person or organization whose business includes engaging in residental real estate related transactions; or,The availability of such unit is made known by making, printing, publishing, or causing to be made printed or published any notice, statement, or advertisement with respect to the rental of such a unit that indicates any preference limitation, exclusion or discrimination based upon race, color, religion, sex, sexual orientation, national origin, ancestry, children, marital status, handicap, veteran status, or public assistance or housing subsidy recipiency.The following text is effective 07/01/93  

That sounds like you might have committed fraud.

@Mike Hottinga, you don't have to setup an LLC since you're just running this business as a Sole Proprietorship (sounds like you own the property in your name).

High end, it sounds low, but for a basic flip/rental it seems like it should be reasonable to get done for $5000.