While we all the like the forced appreciation its simply not reality for a lot out of state investors unless they take on quite a bit of risk. 

Nothing wrong with an LLC but know the LLC will be most helpful in simply keeping your name off the docket above all else in the event a lawsuit is filed.

The worst thing to do on a first flip, especially out there, is overbid to win and underestimate the things you can't see.

@Christine Aledam LLCs will affect your future loans/refinance so you can’t simply just buy in your name and operate as LLC.

Starting small and scaling up is a tried-and-true path, and this community is filled with people who’ve walked that road and are eager to share their experiences.Feel free to ask questions, share your wins (and challenges), and tap into the collective knowledge here.

As for the time of OO yes I think it's a year but I've never seen anything that states you have to move in immediately, just simply you intend to OO not flip or rent it. 

The work we put in today may not show immediate results, but the fact that we are taking action is a win and over time, it builds into something far greater.

The fact someone wanted to show a 20% versus a 15% return by using a lower interest rate, meant increased risk, which you either win or lose, since you're gambling.2. 

You could simply sell it, or have you considered doing a mid term or short term rental? 

If I were in your shoes I would simply look for a co-signer to a loan and look for a small-multi family in your home town where you can house hack.