And what are my next steps in growing this business and generating income?

For instance, if I find it takes me longer than expected to prepare the property for rental (say, 6 months) I would like that time to have counted as my using the house as my primary residence, which it would be (I own/rent no other property and will have to find a place to live when I rent the house).

It is located dead center of Wasilla, AK which is one of the fastest growing cities in the nation.

The population is growing because employment is good here.

That's great Richard.Instead of wanting everyone to give you something you have shown the perseverance and discipline to make it happen for yourself.Everyone wants success but just a few will work for it to make it become a reality.Make sure you have no debts that cost you money every month charging high interest and instead bank roll and keep growing your money.

After you have flipped several properties and started to build a consistent business, do most flippers grow by flipping even more properties or do you start adding rental properties?

For instance, I am on a few buyer lists and have received several emails regarding HUD homes.

-Visit local REI clubs;-Word of mouth, it's amazing how your network grows when you let people know what you do;- Might not be the group you are looking to work with, but the courthouse steps will have investors;- Perhaps sharing deals when you first start out will give you exposure to other bird doggers/wholesalers lists;- Advertise on CL, in your local papers etc. that you have houses you are moving on to investors, and to call/e-mail for information.Creative thinking is the name of the game, It'd be something fun to dabble in but I have other things to occupy my mind; hope that kick started a few thought processes.Andrew

However, you can prepare to have the work done before you close.For instance, if you're going to be doing the work/repairs yourself, take any measurements you need and buy any supplies you'll need beforehand so that you're ready to get to work as soon as you close.

In each instance the transactions (from getting funds wired from my account to the borrowers and then getting the pay-offs wired from the borrowers back into my account) have been managed by MAIRA quickly and competently - and at transactional costs lower than many other self-directed IRA companies.