But I would strongly suggest you stay away from Gary "proper" for any kind of rentals.

With a rehab and proper tenant placement and spreading the word that it’s under new management I think it has the potential to be a money maker.

This is my first post, as a young and new REI I am currently looking for some proper guidance into finding a CPA that has REI experience and can help make sure my LLC is as bulletproof as possible in creation.

I have always been told to weight equity over cashflow, especially when early in the game or in the building phase.

SO I have a rather interest question I think... Cash Flow = income - expenses, and we know you must break down the expenses further, ie. mortgage, insurance, taxes etc. I'm curious however about the budgeted expenses ...

Any strategies/suggestions on how to properly use my profits from this first property and secure financing to build or buy more properties?

Criminal backgraound can be really tricky with today's Fair Housing laws but the past landlord verification and emplyment verification was apparently not properly done.

(You’re giving them $800/mo now and trying to reduce it to $650/mo)The PM will ensure proper notices are given and no housing violations occur.

Can I set up some sort of agreement or promissory note that formalizes this properly? 

That's because the caps on annual depreciation and expensing deductions for passenger automobiles don't apply to trucks or vans (and that includes SUVs) that are rated at more than 6,000 pounds gross (loaded) vehicle weight.SUV’s with an UNLOADED gross vehicle weight greater than 6,000 pounds but less than 14,000 pounds are allowed to claim a Section 179 expense of up to $26,200.Trucks with an interior bed-length of six feet or more are NOT subject to this $26,200 limit.Trucks over 6,000 pounds UNLOADED gross vehicle weight with beds shorter than six feet are considered SUVs and subject to the $26,200 limit.Trucks, vans, and SUVs with a LOADED gross vehicle weight of over 6,000 pounds are NOT subject to the Section 280F limits.