I am considering finishing the attic into a 3rd bedroom and possibly making some upgrades to the kitchen.I already know I need landlord insurance.

All my rental proceeds go back into the rental account( I have a W-2 job now).

In terms of protection a property under an LLC with S corp option would most likely give you both the best legal protection as well a give you the best tax advantages, coupled with strong property insurance and possibly umbrella insurance.

Hello BP, looking for some perspective/opinion on which route to take with $50K cash with the goal of long term buy and hold: Pay cash for a BRRR - $50K Purchase (finance) two $100K properties - $50K down payment (in total)For simplicity, assume my numbers/deal are spot on and the cash flow in both scenarios is the same.Pros of 1 BRR – Left out the R for repeat...as I would hold on to the property - No loan, one property (with same cash flow) – slightly less maintenance as only one set of mechanicalsPros of 2 financed properties – Leverage, mortgage paydown by tenant, more potential appreciation (2 vs 1 property)Cons of 1 BRRR – less rehabbed (just rent ready) vs 2 financed TURNKEY propertiesCons of 2 financed properties – lower cash flow per door, paying additional (taxes, insurance)thoughts?  

After P&I, taxes, insurance and $100 into bank account we split $200 cashflow.

I do not understand why the seller would be fixing the septic from proceeds of the sale.  

After the sale of our rental we will own our primary home free and clear, so the proceeds of our primary home will end up as investment capital as well as earmarked for our future home.

Reasonable on Price and paid on installments or milestones.Licensed, Liability and Workman's Comp Insured for him and any Sub-Contractors used to complete Rehab.Any information or leads would be greatly appreciated in order to save time and money for our Fix/Flips.

Here is what I am looking at:Purchase Price: 150-185K Duplex with Garage.Area Rent: 1000-1200 per unitDownpayment/Closing Costs: 8-9KMortgage Payment(Includes taxes, P&I, home insurance and PMI): 900-1100 per monthInitial Repairs: 2kLeft over Cash: 7KMy thought is to purchase as an "Owner Occupied" (that's how I would get the 5% down). 

If you proceed with a 1031 and don’t want to manage property, you might consider checking out Delaware Statutory Trusts (DSTs) as an option.