Sounds like your accountant has your best interests at heart.  

I would have absolutely no heart burn over a good tenant of mine doing babysitting for extra money. 

It doesn't make it impossible to buy a preforeclosure, but it definitely adds some hoops that you need to jump through, and increases your risk should the homeowner have a change of heart.

@Eric Tinsley  this is why @Travis Sperr advice is spot on a local HML is who one should use.. they know the market the best.plus1. they will keep you from buying a dud n ( because they won't lend on it)2. you build relationships with a local.. not some internet company3. the will keep you from buying a dud  I might have repeated myself here but it can't be understated..I can tell you I have saved many a would be borrower heart ache by refusing a deal and then politely pointing out why its not a deal. 

Flipping in rural MO is not for the faint of heart.

You really have to know what you are doing there.  14621 is not for the faint of heart.  

The verse in its entirety says,19 “Do not store up for yourselves treasures on earth, where moths and vermin destroy, and where thieves break in and steal. 20 But store up for yourselves treasures in heaven, where moths and vermin do not destroy, and where thieves do not break in and steal. 21 For where your treasure is, there your heart will be also.The key for me is in the last sentence: keeping my eyes on God rather than selling out everything for wealth.

In the same way, of course, those who haven't invested will likely never see any value in doing so, and there's nothing I or anyone else can say to change their minds.ANYONE who can HONESTLY say they went "from rags to riches" because of information they acquired without SOME kind of payout - money, effort, intellectual property, whatever - deserves, and indeed has, my full and deepest respect and heart-felt congratulations.

If you are the sole partner owning 100%, you are good with a single member.This was over generalized but it cuts right to the heart of your questions. 

$122/ month, or even $56/ month (whatever you are recklessly okay with in your heart).