So long as the company who did the work is licensed and insured, offers the warranty transferable to you and it passed city inspection, that is fine.

But a single member LLC should be fine and you'll still meet the exclusion.

A good example is someone who gets into active flipping and they want more time with their family... flipping is fine if you have a path to reinvest that income into passive assets... not fine if you are living off the income because you now have another job.

Williams, thank you all so much for your fine advise.Mr.

Numbers.....Purchase $45kRehab $~50kARV Appraisal $180k-230k (depending on finishes.. per appraiser)Rent $1100-$1250We have done higher end finishes throughout to attract a quality tenant/buyer.It qualifies for the 1% rule and would cash flow fine, but would you hold this one?

I remember hearing on a Bp podcast about putting down $100,000.00 as a deposit would sweeten the offer, and that as long a I have my contingencies in place I should be fine.

Your most likely completely fine to wait.  

The main valve is fine, but this existing line from the stove to the main is about 4 feet long - it goes under tile and is likely in bad shape - needs to be updated to prevent future issues.

I didn't want to take that risk as they fine you pretty heavily if you get caught.

If you and your tenants want to have an agreement where they don't pay in cash that is fine, but if they bring you cash you can't really say no.