What i am wondering is if it would be a good idea to start another LLC (currently have one, licensed, bonded) since we are both handling our flip and our contracting work under the same LLC. 

Challenges?

I would like to know how should I go about handling this matter? 

Challenges?

However, one lingering question that I can't seem to find a concrete answer to is how to handle vacancy costs. 

Engage with the seller, get a purchase agreement and the private money lender a basically handle the rest.  

Challenges?

How did you handle closing costs when refinancing, were they rolled into the loan?

Your buyer pool would be tiny and lending would be challenging.

Even with crazy high rents, when you have to get into a property for 1mil, it's just hard for the returns to out pace the cost of capital, especially when you factor in all the other costs.The oddity with the last observation is that without capabilities these markets also tend to be the biggest challenge from an execution standpoint for someone just starting out.