I stay away from flood insurance, but eventually, I feel everyone will pay flood insurance in FL.

Do the math, if you pay for example, 200k, and the reno is only 50k.

Many of these deals have stopped paying distributions.  

In the course of talking with them, the son mentioned separately to both me and my fiancé that he lived with his mom, had done so for a while, and was planning to take the smaller bedroom.

They were supposed to pay the rent jointly, as stated in the lease agreement.

Remember, what ever the seller doesn't fix you will be paying for.

And if something goes sideways, your just paying a mortgage/rent expense that month like everyone else.

Are you planning to scale?  

I have insurance either way, but he said it's still best to split them up, with each having their own LLC.My plan is to create a new LLC for each one:-123 MAIN ST, LLC-123 GREEN ST, LLC...and then use my original LLC as the "Holdings Company", which then owns those 2 LLC's, and any additional properties I acquire.As of now, I have 1 business credit card and 1 business account for *JOHN SMITH PROPERTY INVESTMENT, LLC* -- this makes things easy from a bookkeeping standpoint.

The main house is completed and as far as labor, I spent $40,000 on just labor and that includes everything from full gut demo to finishes.We are talking about a 4BD, 3BTH two story 2400 ft.² home with a bonus room.This was a full gut job, replaced…12 Windows (new construction)2 sliding doorsTook out all carpet throughout.Took out this ugly 2” thick tile from half of the downstairs portion.Removed popcorn throughout the entire houseTook one wall downA little framing workReplaced entry door 80” x 92”Drywall patchingSmooth drywall work50 recessed lightingAll electrical neededAll plumbing neededNew cement walkway instead of one walk to the front door I created two steps with two lights in each step.Install kitchen cabinets, excluding countertopInstall all three vanities3 bathtubs with one being a modern standalone tub in the masterAll tile work (bathroom wall & floor, kitchen backsplash)Installing of all hardware, faucets, showerheads, etcInstalled 8 single panel doors with hardwareAdding self-leveler after tearing out that thick tileNew LVP flooring throughout the entire house except bathrooms,all baseboards, trimsPainting the entire house, painting all the doors, painting the outside trim.Reframing the outside balconyReframing the fireplace to install new linear modern electrical fireplaceand they took care of the two trash bins.I mean, completely redone.The only thing that was not included in the $40,000 is landscaping, counter top cut and install and of course the ADU which I’m currently working on now.So my question for my fellow investors and contractors did I pay too much?