Average flip sale between 750k-1.2 mil.

We split expenses 1/3.

My recommendation is to choose cities in safe and economically diversified areas with above-average income and population growth.

I wouldn't aim for the highest; I would go for an average of rent prices in the area.

So, on average, you have to be scared half to death about four to five times before you actually die.  

If i can write off property management fees as an expense, can I pay myself (either as a sole proprietor or LLC) then write that off as an expense as well?

Do you have experience to properly budget the time and expenses that come along with a rehab3.

I advise my clients to get a PML that will finance 100% of the purchase and rehab expenses so when the property is stabilized, we can treat it as a rate and term refi and use the new improved value from day 1!

If my net income (rents- expenses and mortgage) is below $0 do I still have to file in Oklahoma? 

Not a joke, but my dad(who is a real estate broker) always said, "I'm an expensive cab driver, if I take you to the right place, I'll get a big fare!"