I want to have cash on hand.. but giving up 40% on flips is a big trade off.  

Sure if he drops it 30k or does these repairs before hand go for it, otherwise I’d walk away

Good luck manWhat you are missing in this scenario is that the property is already in the hands of a realtor and is planning to be listed soon. 

This will put me at approx 26k for normal financing.So I asked him why is the closing cost so high and he responded:Bank fees are approximately three to $4000, transfer tax is 1% of the sales price, and title insurance is typically 1% of the sales price.Does this sound fair?

Your income will be taxed as regular passive income, and you can transfer money out of your business bank account to your personal bank account anytime, probably monthly.

I plan to transfer companies of the same profession but until I do will be making the commute between home and work 2 hr drive.

This why vetting upfront is so important.On the other hand, a larger contractor may have real assets in the company or even a reputation that they want to protect so they want to find away to avoid getting into legals which waste time and money for them.With respect to contract size, in reality anything under 100K is not worth a full blown lawsuit as the legals will eat you alive even if you win; small claims court may be your best bet if you are OK managing the process or maybe using a paralegal.On the emotional side, I strongly urge you to put that aside.

While there will always be distressed houses, motivated sellers, foreclosures, HUD homes, and even discounted retail homes, you have to watch the trends and learn how to utilize the opportunities at hand.

If he says talk with @Andrew Fidler then you're in great hands. 

I know the deed needs to be transferred but is there anything else?