@Abdul Azeez, I think that the problem is that you are stacking the deck against yourself trying to do all of these things on your first deal:1) Purchasing the property from an online auction site / bank, which is notoriously tricky even for the experienced investor, due to their proprietary contracts and minimal due diligence period and strict deadlines.2) Working with a new contractor that you haven't used before, or seen their work before, and who may not be used to dealing with investors.3) Trying to get conventional financing on a property that has a short closing time and where the mechanical systems cannot be tested.4) Working on your first deal by yourself instead of partnering with a local investor who can guide you along, or at least a mentor who you can turn to with questions.My advice is to make it easier on yourself by considering buying a property with a standard contract and longer due diligence period, network with local investors who can provide you contractor contacts and also some guidance, and consider using private financing or hard money instead of bank financing.In my opinion, buying from the online auction sites is a more advanced strategy that you can use once you are able to ballpark construction costs yourself and/or you have a trusted contractor you've worked with before and/or you have private financing or hard money set up so you can close fast and/or you can purchase the property without interior access and hope to get lucky in terms of condition (but still buy at a price where you are comfortable doing a full rehab if necessary without losing much money) and/or you are familiar with agreement of sale contracts and closings in your state so you can assess the risks of using the bank's seller-friendly contract.You're already doing the right things by asking questions on this forum, and taking action.  

Make sure any future investment properties that you are selling and intend to use the proceeds to purchase other investment property, you set the exchange up well before the closing on the sale of your investment property.

I am set on the existing red going to sage green to match the existing house.  

Once you're ready, make sure you take action and set some goals. 

Hi @Simen Gundersenyou are doing the right thing by setting aside vacancy/repairs/capex etc. 

Since it is our practice to analyse a property using the posted rate - and then obtain a variable rate mortgage 2%+ lower, but set out payments as though we were paying a 5-yr fixed at the posted rate ... it will be not change for us ;-)

Need me to scour the MLS for houses meeting a certain set of criteria, I can do that.

They won't stay if they can't plug in a cell phone without tripping a breaker or if the neighbors use all the hot water and they end up taking a cold shower.

I do not know how much we will make or how often we will be able to acquire and rehab houses, so I am not sure if we should just take the profits as regular income or set up the LLC as an S-Corp.

We are thinking this set would be the middle purchase.The possible tricky one is that I want to buy one of the duplexes in my name only, not the partnership, and do a FHA or other 30 year fixed conventional on that one.