Unless you have cash, nothing about this is going in an LLC.

Keep in mind renovation costs will need to be cash aside from your down payment and closing costs - I'd create a healthy buffer here.

We are looking into purchasing cash and do some light updating but the county records shows as a 2/1 but the house is actually a 4/2.

Purchase price: $146,000 Cash invested: $42,100 Bought through hard money.

(Remember, a loan is not a taxable event.)Given that mortgage rates are also close to 7% this won't boost your cash on cash returns much, but a higher percentage of your free cashflow will be tax sheltered, potentially all of it. 

So many of my out-of-state clients from California are successfully purchasing flips, BRRRRs, and buy and hold deals here at a very cheap price point, cash flowing, and have tons of appreciation.

I ASSUME you are not paying cash.

Purchase price: $93,000 Cash invested: $993 Sale price: $150,220 Contributors: Peter Vekselman Partner Driven, in collaboration with Robbie Vekselman, successfully completed a deal on Springdale Forrest Circle, Gainesville, GA.

Giving some rough numbers, let's say the interest rate when they purchased was around 3% and they offer to sell to us for $100,000 cash. 

Pay cash for the property and the rehab, then do cash out refi.