You can create a similar structure with one LLC as a holding company that wholly owns other LLCs that own each property.You should discuss your tax situation with a tax professional familiar with real estate investors to determine the optimal structure for you businesses at this point in time.

I would look at a couple of reports on the best performing cities -- IRR.com puts out a great one, and then focus on getting to know one very intimately.  

The proper way to approach this issue is to approach it from multiple angles, some of which are:1) Go further back in time - look for older sales of properties with similar amenities.

The IRA LLC is advantageous if and when you as the IRA owner, invest in time sensitive investments.

In addition, we are very active as hard money lenders in the turnkey space and are the #1 non-recourse lender in the country, and so I have deep connections and intimate market knowledge of multiple areas.Surprisingly, you simply cannot beat the numbers that you can get local through BRRRR. 

@Brian Ortins is right with picking a strategy that fits your financial situation (at that point in time) but you may consider doing multiple strategies as you move through your investing career.  

I am interested in potentially flipping a property here in Cheyenne, but the costs are a bit out of my range at this point in time.

You have a text from them saying they moved out so I'd take a copy of that and print it out from your phone and put in their file.Download your state landlord tenant laws and if they owe you money make sure it's out in that security deposit recap in timely manner,, and if you later choose to take to small claims court to collect you could try.

I found out that I'm not supposed to move in while I have this loan on the property so I started the refinance process, but it won't be done in time.

However, ROI and cash flow are only a snapshot in time.