I am minimally looking to create a LLC for each flip and move the flip to an S Corp should I decide to the hold the property long term. 

Get the education you need so you can minimize the mistakes that are part of any business.

I would manage the 3 other units myself, cap ex and repairs should be minimal since it’s new construction.

This helped me minimize exposure. 

@Jonathan R McLaughlin I do not have such a letter but I have the previous lease that they signed which indicates no deposit was paid.

Not sharing those occupancy rates bc I don't think they are indicative of the potential at all. 

The point is that distressed areas have such prices because it is difficult to invest there, and areas that appreciated the most rapidly may well have peaked to unaffordable levels.I saw a podcast recently where it was claimed that high-end grocery stores like Whole Foods Market and Trader Joe's are a good indicator of a high-end neighborhood.

Real Estate will see minimal impact from this recession -- Lets face it, 2008 was caused by the real estate (mortgage) industry. 

I see indicators that both of these companies are teetering. 

The appraisal was based on an income approach which takes the final product proforma NOI and divides it into a trading cap rate indicative for the area to arrive at a future value.