Im pretty skeptical when someone says they do enough transactions or volume to qualify and are not on the list.

These days, CPAs don't need to be local, as pretty much everything can be done over the internet.

Seems to me that is a pretty big pitfall for the rehabber.

I've been hesitant to raise the rent because I'm pretty sure I'll lose my tenant, and dealing with a vacancy and turnover from afar will be a real pain.I am pretty confident I can get $1800/mo.

If you want you can PM I can send you an article that shows a pretty good plan for this question 

This promotes flipping but I guess from a long term vantage point it will help Lou become more balanced with buy and holds too.

You would evaluate your holding costs at the much cheaper FHA 203k interest rate or conventional loan interest rate, if you wanted you could inflate your return by assuming you would have paid $x in rent per month as well other than that it will be pretty similar.

Find yourself a lawyer who specializes in corporate law ... a thorough operating agreement is a pretty boiler plate document.

Sounds like you have a LOT of exciting things going on right now.This question gets asked pretty frequently, and the best advice that I've heard, and that I can give, is that you should definitely start NOW. 

I found a house that is pretty much a fixer upper and has good potential for to be a flip.