You can establish an operating agreement that outlines the role of each partner, provides liability protection and can also cover a variety of situations that might arise (should one partner pass away, etc.) 

You just have to establish that you have the legal right to rent it.

The need to establish capital makes this hometown live-in flip a great option.

If you only want to establish a couple LLCs, then people will often come up with creative and fun names - or boring ones, depending on the person.

After that many people lean toward an LLC, since they provide such a strong form of liability protection between the investment and the partners' personal assets AND it also allows your to establish an operating agreement - a set of specified instructions for different circumstances that may happen.

I know it sounds funny but you establish a reporte'Next best thing I did for these folks and the reason I know it works because it worked on me.. 

When you establish the LLC can vary on several different factors, so I would encourage you to look at asset protection as a whole. 

If the court documents show that value was established by the tax assossor's office, you may want to still get a professional appraisal. 

Not to mention, it's never a bad idea to get a couple of quotes until you've established a good relationship with a lender you trust. 

The rent, and the sold comps help establish the profit and the cash flow by setting one end of the analysis...the "exits".However, it doesn't mean the spread between the expenses (rentals) and the available cost to buy (flips) works for profit and cash flow.What I'm saying is it matters to the buyers and tenants, that it matters to.So, how do we as REI know?