They can sit down with you and explain the legal benefits between different types of organizational structures; LLCs, Corporations, Professional Liability Corporations, special Statutory Corporations available in your state, limited liability partnerships, general partnerships, etc.There is no one size fits all, and an LLC may not even be in your best interest.

He is certainly not betting on people leaving but on the contrary coming in.

This excludes a large number of buyers at that price point.Finally, if you've rehabbed this property and owned it less than 180 days, your FHA buyers will have to get two appraisals, or one and a desk review, that give it value.Your best bet, given the info, is to pull the property and re-list in a few months.

@Jasmine Cotes , I still think your best bet is reaching out to mortgage brokers and spent some time loan shopping -- it's a great way to learn too. 

Small banks are probably your best bet, but even they have stringent down payment requirements. 

The factors I'm thinking about range from "location", "amenities", "used vs. new", "lot size", "pool, etc.".

Depending on your size of operation, this time consumption can really start to add up.  

I agree that there are a lot of investors in this area considering its population size!

It is 1200 soft though, so fairly large.I would say you could do between $620 and $700 assuming it's reasonably sized. 

Your best bet might be to find someone to partner with until you build up enough cash portfolio to pay cash.