@Ryan Hubbard this is a decent deal, cash flow is pretty good for the basis invested.

I'm not there every day, but have gotten to know the community somewhat and think it has lots to offer. 

None of these are a basis to walk away from a deal but are some of the bigger things to look for which aren't as obvious as vinyl tile peeling. 

@Justin Owens I owned over 10 duplexes at one point and hated every day of it.Most are in rough areas and are old [read - Money Pits]For starters, I would suggest sticking with post war built homes with $700 - up rents to help limit your headaches and maximize your ROI.

Thanks  @Ralph Richardson Not very long about 3-4 months on a steady basis.  

I have to say this site is awesome and its become one of my go to places to visit on a daily basis.

So if your S-Corp has never been a C-Corp, you will be fine in that regard.One other thing I'd like to mention - in an S-Corp, you may only deduct losses to the extent of your basis in the S-Corp.

I am doing the same thing as far as deals go, trying to hunt craigslist everyday for a bit and find the right things for the right price!

Our goal is to flip 2 houses per month on a consistent basis and keep growing by installing systems and working with great people.

I think your payment will make it close, but you'll have some cash rolling in on a gross basis.