To make sure we are off to a solid start and have a good foundation, we are seeking recommendations for a lawyer and accountant who is Real Estate specific in the area to help us get started.

By the way, I am d'Amileau, my spouse is Lance who the account name is under, but I run the investment portion for us. 

Proper management infrastructure involves pay roll personnel on-site, with strategy/accounting/reporting/legal off-site. 

When it comes time to 1031 into a larger property it's easier to sell the one building within the allotted time than trying to worry about 20 separate closings and this is before you take into account agent fees for all those buys and sales.There are also more options in commercial real estate.

His niche is very different from what I am familiar with, so I'm having some trouble running the numbers and I thought I'd turn to you guys.So he(my relative) has been doing this exact strategy for a few years and has done a good number of deals(~40) so I'm confident he knows what he's doing, but his strategy is as follows:Buys a distressed trailer(mobile/manufactured home) repairs it, and then sells it to a tenant that either can't qualify for a normal  loan, or doesn't have the money to purchase a normal home.So for this particular deal, the numbers are as follows.Purchase price of $5750.Rehab of $8000.Rehab should take roughly 3-5 days.Selling we are assuming a month, but he says typically less.Taxes are around 600/yr(which the new owner will pay) but accounting for the month we have it, $50.The lot rent for the trailer is $350.Closing costs would be maybe ~$100.We'd sell it for ~22k, with a down payment of 2k at 14% interest for 75 months.So our purchase and rehab would be ~$13850, plus a month of holding for $14250.We'd get 2k back bringing our investment back down to $12250.We'd bring in 400/mo from the mortgage payment.As far as I can tell, this would be about 35-40% cash on cash return.Please go over these numbers and tell me if I'm missing anything.

His niche is very different from what I am familiar with, so I'm having some trouble running the numbers and I thought I'd turn to you guys.So he(my relative) has been doing this exact strategy for a few years and has done a good number of deals(~40) so I'm confident he knows what he's doing, but his strategy is as follows:Buys a distressed trailer(mobile/manufactured home) repairs it, and then sells it to a tenant that either can't qualify for a normal loan, or doesn't have the money to purchase a normal home.So for this particular deal, the numbers are as follows.Purchase price of $5750.Rehab of $8000.Rehab should take roughly 3-5 days.Selling we are assuming a month, but he says typically less.Taxes are around 600/yr(which the new owner will pay) but accounting for the month we have it, $50.The lot rent for the trailer is $350.Closing costs would be maybe ~$100.We'd sell it for ~22k, with a down payment of 2k at 14% interest for 75 months.So our purchase and rehab would be ~$13850, plus a month of holding for $14250.We'd get 2k back bringing our investment back down to $12250.We'd bring in 400/mo from the mortgage payment.As far as I can tell, this would be about 35-40% cash on cash return.Please go over these numbers and tell me if I'm missing anything.

@Seth Deitchman Those are great goals:  Through Tax deed auctions you can certainly attain a profitable portfolio of flips/rentals if your Purchase Price is low enough to account for the rehab usually associated with Tax Deeds (as well as the other factors of course: neighborhood, market, etc). 

Does the note need to exist on my LLC's accounts payable?

My Daughter’s Savings account would make more than this.  

One thing to take into account is the time you wish to enter.