When you combine the houses into the same LLC you can jointly use the funds to fix whatever is most pressing from all the repairs needed with the combined funds. 

It's 800 sq ft 2/1 and currently doesn't have washer/dryer hookups in the house (this was in a detached garage that had to be torn down).

Have you considered reaching out to other developers or property owners and combining your portfolios to raise a larger fund?

The kitchen area was very large as was the combined dining living room area.

I did have to paint the entire interior of the house (the color was not renter friendly) and install a washer, dryer, and refrigerator.

If you were looking to combine OR and CA, or OR and MO, probably could still be done for a reasonable premium.  

Hopefully those projects will serve us well for our first flip.At this point, we have decided that combining flipping and rentals will allow me to contemplate leaving my day job sooner than retirement and to work for us instead.Good luck with your next one.

I was wondering if it would be possible to acquire both properties using a hard money lender, and then do a cash out refinance on both properties at once since technically it would be an $80,000 portfolio.Do you guys think banks would be willing to do a cash on refinance on two deals worth 80K combined?

It has a small garage behind it which also has a utility room that has a washer and dryer and a full size shower and bathroom.

Current rates for combine Property and Liability are $0.40 in Dayton OH and $0.50 in STL.So in Peter's example, he has a $0.50 rate.