@Fred Shatzoff -  I don't think anyone is arguing for or against that point.....I don't recall the original poster asking if an LLC is required to borrow money to do a flip.  

I can sit here and negotiate with you until the titanic floats, we may even agree, but if you didn't sign in writing, you are no different than Sailor Timmy who called on the phone and said "how much" and then hung up.You can't sue someone for taking further action than you were willing to go, or because the world didn't wait for you to catch up. 

At the far secluded end to a Pennsylvania country lane, sits two houses, one house I've rented for 10 years, and the second house where my landlord's son and his family live and have so for about the past 18 months. 

I am a Investment real estate agent here in Philly and I have had to sit down with a few clients to narrow down specific criteria, what kind of returns they were looking for, monthly goals, and annual goals.

I'd advise sitting down and really ironing out what are your bottom dollar needs to simply live as frugal as necessary, should you have to rely on the cash flow at some point. 

For a $900/mo rental, every day it sits vacant is $30 of lost rental income, and there's a certain percentage of the tenant pool that simply will not live somewhere that does not have laundry facilities available.

On the other hand, student loans, mortgage payments, stuff with an interest rate below 5%, again, almost everyone agrees that's debt you can work with in reasonable amounts.There's also a broad base of consensus that you need to have a significant sum set aside as a reserve, in easily-tapped resources like cash, sitting equity in your primary residence, easily liquidated assets. 

More than likely, you'll be sitting on the loan for awhile, or putting some extra money in if you want to refi.Still, the FHA can be a great way to get into the game when you're first starting out.

Since then I have bought land to sit and hold and renovated my triplex.  

Pertinent info below: House is approx 2500 sqft and sits on 2.5 partially wooded acres in a subdivision.