Howdy KyleI am not 100 percent sure yet but I am leaning towards Buy and Hold and possibly some flipping later on, after i get some cash flow coming in.

If you turn it into a rental and then sell more than three years later, that gain will be taxed.

Now 7 years later I sold my house, the new buyer only did building and radon inspection. 

I guess I just need to vent , I have had the desire to own rental property for a long while I purchased a condo in "94 and 16 years later a 2 unit both was for me to live in with my family but I want the rental property for the income so that I can retire with some passive income.

I heard that we should initially do so in our own names, and only later change to an LLC. 

The is not a spec build, it's a contract build and is common for the land to be purchased then subordinate the land to the lender for the construction and later to an end loan.

Some charming gals ordered me to lower my rent by $165/month--more than I can do.An amusing detail: One guy toured the studio I'm renting, told me he couldn't afford the rent (he'd been misinformed about its amount), then came back later and applied saying he couldn't find anything in the area under $1,000/month (I'm asking $615 for this particular unit).

However, later on you also mention about paying rent $300.So to be clear.  

As Darrel said it saves money and sooner or later you will probably regret waiting years.

Pretty simple +10% ROI, and with no mortgage, you can ride the fluctuations in the market and sell at a later date for a profit.