My next question would be if I keep the LLC as is and just do a DBA -  should I keep a separate set of books for the DBA?

I would then send that same letter with the final itemized list and check.

If so, what do you believe is the value of booking direct?

many threads on them.. they from what has been said require a 3k deposit up front with no gurantee of funding.so its not no money down.. plus I think you have to front rehab and get reimbursed so you need money for that so once you start adding this all up.. you may want to talk to local HML s as well. just to compare the real apples to apples.the biggest complaint I have heard is people pay the 3k and can never find a deal good enough to get through their underwriting and just lose the money.. they do for the 3k though send you some how to books and tapes I think but you can buy that stuff on E bay for 50 bucks.

I've been listening to Bigger Pockets podcast on Youtube for a while and finally took the plunge!!!!

Get the book Commercial Mortgages 101.

Finally it has begun.

Books to read.

Reading a lot of REI books, webinars, podcasts, etc.  

If you're a reader J Scott of bigger pockets has a very good book called The Book on Flipping Houses.