With that being said, it's a good idea to get an understanding of what kind of financing you will use and what you will qualify for, so you know what to expect in terms of leverage, rates and terms.

You can transfer the funds from your rental account to your personal account each month.Having a separate checking account for your rental side is a good idea, so that you can easily track any expenses specifically for that side of the house and directly deductible from your rental income.I setup a checking account for each property I own and use a debit card for the account for any specific purchases. 

Is it a good idea?

Also, accounting for flip is different from buy & hold or wholesale, so make sure your process and procedures are set up properly. 

Is there a way to maximize income beyond your original projections with this idea?

Sure, you don't get the air cover, but any good landlord should have the proper landlord insurance anyways on your property to cover you.Best of luck!

For newly constructed, purchased or renovated properties and also retroactive generally over the last 10 years, building components are properly classified into individual units of property and accurate recovery periods for computing depreciation deductions.

.- Property receives one set of taxes- Both houses are approximately the same sq ft. (1300)- Two single-family homes, not attached (two different addresses)- Property size 0.45 Acres- Township won't allow subdivision unless each house sits on 0.5 acre lots- Will reside in one house upon purchase, and will rent out the second house- One house currently rented out for $1,400 a month with a one-year lease- Purchase price $260,000Looking for ideas or best ways to finance this type of property!

@Erik Delaney great idea!!

From a legal standpoint, any properly executed deed will be accepted by the county recorder; however it can be subject to challenge.