Hi Dasha,Very cool to see someone 16 years old on the BiggerPockets forum with an interest in professional life and investing time into their future rather than endlessly scrolling through social media videos! 

It comes down to finding the best level of protection that fits your budget.When I sit down with clients, I always discuss (1) their personal assets, and (2) what their current investments portfolio and other business ventures are before discussing (3) their future goals.

Since you do have the land outright, there’s certainly a way to make something happen here.Best of luck with your project.

A prospective Buyer is likely looking for a place to move in with their family, and if you have a long term tenant in place with no future vacate date, then you are really limiting your buyer pool, and effectively running down your sales price. 

You will need to convince your lender that you are likely to continue bringing that same level of income in the future.

What are your projections on how long the rehab will take, and what do your reserves look like in case the project runs longer or goes 10-20% over budget?

You'll bring a downpayment based on the total project cost and you can get seller financing to help with some of the equity injection. 

If someone could simplify the steps to opening an LLC for a full-time house flipper that plans to also get a general contractors license in the near future.

I’ll still check carrot out though for future reference if it doesn’t work with real geeks 

I moved here from Florida after seeing the projected growth.