We own our home and would like to start looking at either flips or buy and hold but it seems like buy and hold mostly would be a cash negative situation in our area  - is that correct?

@Michael TrinseyYes, your basic understanding is correct. 

@Sam Shueh (Correct me if I'm wrong but) Don't FHA loans require you to live in the property for a certain amount of time though?

Infectious Diseases & Critical Care doc (yes you read that correctly: 2 years ID, 2 years CCM). 

To answer your question: You already knew there were tenants in place when you put in your offer, correct?   

.- Row 3 will hold sale proceeds- I will sell the property in year 5 So it will look like this:A1= 100 (cash outflow)B1= 10C1= 15D1= 15E1= 15E3 = 25 (proceeds from sale of asset)Here is the formula I am using to calculate this=IRR((A1:E1,E3))This will return a value but I am not sure if it is the correct way to calculate this because I am not sure how Excel is interpreting these flows with regard to timing.

Any area in Atlanta(especially inner city areas like the West End, Bankhead, Cascade) would be a good investment with favorable terms and the correct strategy.

Jonna is correct, we are a non-disclosure state meaning that we do not have to disclose the sale price to the county. 

One last question; if I do get my license yet it's considered inactive because I don't belong to a broker, I would still be required to inform the public that I'm "licensed" while wholesaling, correct?

@Lee Ripma is correct - as a California resident actively engaging and managing an LLC from California, California will declare nexus and require a registration, a tax filing and a minimum $800 fee each year.Marketing into other states may or may not create nexus (depending on each state's laws, so look them up) and need to register/file in that state, but as @Wayne Brooks indicated, you will most certainly need to be registered in any state where you want to sign contracts and otherwise conduct business in that state.From each state's point of view, anybody who wishes to sue you must be able to do so in the state where the transaction took place so you must be registered in that state with an agent who can accept legal service on your entity, should the need arise.