They are teaching Net cashflow pre tax essentially because it just gets too complicated to teach en masse and for people to just understand the concept of real estate investing in general.

@Spencer Gysi I wouldn't say there's any concern, it's just something that will happen, since in most cases the ownership of LLC's is publicly available information.There is some argument for keeping flipping/wholesaling in one business unit while having long-term holdings in another. but it depends more on what you're trying to do.If your concern is liability or privacy, there are way to address that as well, but that often involves more complicated ownership structures.Let me ask this: In your mind, what is the downside of your tenants knowing that those two ends of your business exist and are related?

Since you aren’t living there it makes it slightly more complicated 

Seller financing could probably be an option but if you don't have any money it will be more complicated for the rehab part (hard money could help for a few months) good luck.

Maybe it's more complicated than I think?

Obviously, his situation was much more complicated/convoluted since his family trusts also had to deal with the Los Angelas Lakers. 

I've spoken with several hard money lenders (2-3) and it sounds like there are possible options, however the property (as is) would be considered commercial and therefore that complicates their process/qualifications.Has anyone encountered a situation like this? 

To convert from a duplex to triplex in Philly not only will you need the zoning, but the permitting process gets more complicated as well.

Deny yourself of any type of unnecessary expense and save everything you can.  

Its the most complicated closing AND more importantly POST closing; canceling the home owners insurance putting landlord policy on, getting the bank via the POA to work with you to setup auto pay from your bank account etc.A subject to starts with the numbers.