I don't want to delay this closing as the roof is leaking and I don't want it to cause any more damage.  

To minimize future headaches, I would like to have someone I can refer to and work with to make sure everything is set up correctly as my business expands. 

Investments have a value that can be sold, I don't see the arbitrage as a sellable asset.Bottomline is that there are plenty of operators making money doing this and it requires minimal startup costs (~15K for furnishings) for the operating business.Overall, I see this business model as high risk for the following reasons:1.

What you may need to be aware, in terms of budgeting, is that typically 401k will only allow you borrow up to 50% of your vested balance, so in your case of 10k balance, you may only be allowed to take out 5k, with some minimal fees and all that, you should consider if that is still a viable option for your situation.

But you can definitely find them in decent areas in the 20k range with minimal work needed.

I see no value in turnkey unless you are ok with minimal cash flow and appreciation.

Have anyone done the following: Buy property with cash, refi through the delayed financing program (Fannie's) with followed quitclaim to LLC?

I’m not sure if it’s popular in your area but I know many people here in Georgia who have had great vacant properties sit on the market for months and when they brought in some furniture and minimal decor the home sold within a week.

My guess is cash flow would be great, but appreciation would be minimal.  

That way you won't run into an issue where you have to delay filing an eviction against a tenant who paid their rent but not their utility fee.