If there are some concerns with credit score, perhaps print out an analysis report on the BP Calculators and take it to the banks so the loan officer can see how professional and serious your are.

But my concern is i have 2 small kids.

I'm not even considering bidding yet, because I have concerns about hidden expenses (past due: hoa fee's, taxes, liens, etc)I see lots of people saying to search the local county records, but perhaps my local county website is just "different".  

Only replace if it breaks or becomes a major concern for a tenant.

We will never sell on a Land Contract, but we will on a Lease Option (Lease or rent to own).As far as your market is concerned, it is not the market of choice.  

My big concern there is that would incentivize people to go further and further out the risk curve.  

My concern is we do all this work, the deal falls through for a myriad of reasons and I am stuck trying to sell "their house". 

It becomes hard to prove to the IRS what is inventory and what isn't.If there is more than one shareholder of an LLC it is taxed as a partnership UNLESS you are in a community property state.You need to understand that an LLC DOES NOT EXIST as far as the IRS is concerned: http://www.biggerpockets.com/forums/12/topics/7605...You can flip in a C-corp or s-corp and then distribute the income or even loan from there.Personal Holding Company Tax (PHC Tax) is a 20% tax on a corporation that holds passive based income that GROSSES more than 60% of the income.C-corps have NO CAPITAL GAIN RATES.Here is a thread on Real Estate in a C-corp and trying to get it out: http://www.biggerpockets.com/forums/51/topics/1057...

My biggest concern was not wanting to be stuck in a single place, so I started looking into the possibility of renting the condo out once we moved, and after talking it over with my wife, we decided to put an offer in and get a place before we get gentrified out of our neighborhood and then keep it when we move and start building our own wealth.As it stands right now, I'm not an investor (yet) while we wait for the bank's reply on our SS offer, but one way or another we're doing this to eventually get out of our day jobs.

I am less concerned with "making" money on this property and more concerned with not losing money if that makes sense.