Any damage that is there you will be on the hook for until you set the baseline.It is very frustrating when you know the hole in the wall was not there when you bought the place, but you are cutting them a full security deposit check refund, because they say the hole was there when they moved in....

I think it is a great way for people to cut their teeth in the industry and get your feet wet.Feel free to reach out if you got any other questions!

Unless you form a C Corp or elect C Corp status (both generally not advisable), you will have a pass through entity so the tax on your cut of the profit/loss will be calculated on your personal 1040 tax return.  

As it pertains to an LLC, cutting checks to contractors, etc could get cumbersome quickly, unless you can use a business debt card. 

The express way was being extended to go from Fredericksburg directly to DC which is going to cut time from commuting.

@Obed CalixteWell going off of what everyone is saying, flipping remotely is nearly impossible in that you must be at the property everyday to ensure the GC is doing their job and not cutting corners and what not. 

I think for that sized house and redoing everything, $60k is not going to cut it.

The Landlord feels they've saved some money and we get to start a relationship that may eventually result in them hiring us for full-time management.As pointed out by @Drew Sygit, there is an opportunity for the PM to cut corners just to earn a quick buck.

FHA limit is 800k for a 2-fam which is not gonna cut it.

There was one guy running around who cut the roof out of his with a sawsall so he could pile the crap higher.