Flipping in the uk has low transaction costs and therefore makes lots of sense, but this post (below) made me a little crazy because in the US, transaction costs make sure the entrepreneur with all the risk/work gets only half the profit....even if it goes well....whereas the realtor(s) and money guy gets half ( or more) of the flip for close to zero risk.

Yep I was going to say if you're doing southern vt, it's going to be most profitable to do air bnb on ski properties.

Like I said it is a good deal and I stand to make a really good profit, if it all goes according to plan.

Then you can pursue in small claims court or put a deficiency on their credit report 

Assuming the place could be rented for $2800 per month, is  the resulting $350 profit (based on all my guesses) enough to cover the things like putting money away for repairs and whatnot?

We decided to distribute profits as 70% for me, and 15% each for the agent and the contractor. - Do I need to setup an single member LLC?

@Lindsay ButlerHi Lindsay, I have invested in Franklin and did OK for my first flip (not profit wise though).

If you set up an LLC, you might be able to save in some areas, but pay in others (for example, here in California, we get to pay $800 a year just for the LLC registration, regardless if any profit was made).

This Operating Agreement will also spell out important things like how profits and losses are divided.

Up to 50% of profit?