Lower Start-Up CostsTraditional real estate investing requires 20%-25% down, making it difficult for many to scale quickly.

We will always require at minimum 10% of a down payment for a purchase.

Now, some states require an attorney to review contracts. 

Not Understanding “Household”Household means “the individuals living together and how they live together.”

It's easy to obtain, costs very little, and doesn't require extra, on-going effort to maintain.

And I will state different jurisdictions have different rules, processes, expectations, etc.In my area you are required to have a permit to swap a water heater.

A partnership vs. disregarded LLC warrants consideration- you face different reporting requirements, limitations, etc. 

Do not expect to keep them and be prepared to have to evict.If the jurisdiction this property is in requires anything in place in order to evict such as rental licenses, etc., get them in place before discussing an increase with the tenant because it's much easier to get inspections and repairs done when the tenant cooperates.

In the last 18 months various states have instituted new rules, regulations or laws related to (1) need for licensure to wholesale (2) restrictions on marketing of a property in which you do not have ownership and (3) disclosure requirements when dealing with a homeowner that makes it clear to the homeowner that the contact signed with the wholesaler is not a definitive “sales” contract, therefore making it less likely home owners will sign4.

If you have equity and decent credit, a conventional Fannie Mae HomeStyle (or the Freddie Mac version) would likely be the better option instead of an FHA 203k loan (which will require a 3rd party HUD consultant to oversee the deal in addition to having the contractor involved).