Check with your state first, before paying for a bunch of forms at Legalzoom, etc, because you may not need to incur this added expense.Here’s a couple of things to keep in mind:1) You (generally) do not want to do business as a sole proprietor.  

You might very easily find someone nearby who'd love the extra side income of coming by for a couple hours 2-3 times a week to clean. 

I’m a self employed contractor and I just purchased my first rental, but had to get hard money through a D lender.

I am a real estate investor with about 14 rental properties and have added a real estate license to my credentials, mostly to help with investing, but I am happy to help you find and purchase properties!

Thats a year for an extra 10k.

The 585,000 number is based on the income-approach used in commercial properties, but it sounds like the appraisal approach would have to be comp-based because it is still a residential property (4 units) at the present time and there is a chance the city won't allow the extra unit.The 461,500 number is the all-in price - purchase+rehab+holding costs. 

Flippers are just adding to the cost of housing in this area.

I do not own the property, i am a newbie investor trying to understand what is needed to basically get a house under a lease with option to purchase contract and assign my position to someone who cant qualify for a loan due to there current position but but are willing to pay a little extra on this lease agreement because they are serious about picking up there credit score and at the end, actually closing on the house.

So we added a lock to the 2nd door, there was no lock at the time, to "try' and control who had access to the building.  

I have personal finances in place to upgrade the park owned homes or replace them and would plan on adding a few new homes in the next year.Sorry for the long post.