Buyers for places like this typically pay cash and they have good-sized reserves to back it up.

What is the metro look like in terms of size?  

The difference between your adjusted cost basis and the net sales price when you sell is the profit you will pay tax on.Tax when your primary intent is to flip is at your ordinary income rate which could include federal, state, self employment, and ACA surcharge (as much as 40% depending on where you live and pay tax).  

We want to keep the group on the smaller size (capped at 10) as to not lose focus. 

What you should do is based on several factors and is not "cut and dry" or "one size fits all."

Similar sized houses in the neighborhood that are up to date are ranging from 650-850k.

Its a great size for beginners, you can self manage so you will learn a lot etc. so i am thumbs up as long as it pencils out in analysis.

Being self-employed is notoriously tough to get funding, but it is possible.

a salary before taking any money out- Self employment tax is not due, as the only income of the LLC will be rental income- If the LLC shows a loss in the first year it will be easier to carry this over to the next year if not taxed as S corpThankful for any advice!

I also felt it was the perfect size as a starter MF property for me and my available funds.