I bought a single family residential property using my own cash, renovated it, with my own cash, and have now had a tenant in the property for going on 2 months.  

Cause I can guarantee you that this renter who needs money for the daughter's new glasses will still be paying the cable bill (with HBO, movie channel set, etc), will still be buying games for the Wii, will still be down-loading and paying for songs and apps, will still be buying beer and cigs, etc, etc.

I bought them at a song and am currently going through the permit process of changing the property from a duplex to a single family residence in silverlake.

I bought 11 new homes in MS for Go Zone tax benefits 7 years ago and they are hands down the best rentals I ever had...

I know of no lender getting 12% interest to complain for going over the 4 month prediction.

I am picky about who I rent to, so once I approve a tenant, I am willing to forgoe a few weeks rent to hold the unit so they can finish out there lease where ever they are moving from or whatever other reason I deam legitimate.

How's the song go, "I ain't first class but I ain't white trash.""

. :)What kinda profit were ya hoping for going into the flip? 

I grew up listening to songs on the radio that seemed so local to me.

If you are going to form the entity then forgo the lure of the lower interest rates and go for a commercial loan.