Hi,I have done some longer live-in flips and was the buying agent on the current one.I am now going to be flipping (not live-in) as my main source of revenue and trying to figure out where to hang my license. 

That GRI does include income for cleaning, taxes etc. though normally, which is really pass through expenses for the most part.

Alternative options include a cash purchase, requiring significant upfront capital, or a hard money loan with higher interest rates.

The main reason I would advocate for the LLC and business bank account is because then you can separate your personal finances from your business finances and also shield yourself from any liability should something happen in or on the property and you get sued.

The owner reports gross rents of $2750/month (this includes the home plus lot rent). 

So I get one the phone and the tech starts telling me the unit is old, and to fix it will require several parts and even then they can’t warranty the work because of the age of the unit etc… I ask him how much and he says, more than $1500 for a new main circuit board and several other parts he needs to price out.

I have a few critical questions:1- Do I need permit for kitchen and bathroom remodeling (which includes changing the layout within its boundaries without expanding it)?

We agreed on a section 8 tenant stabilization plan, and after their first full month of taking over, here's how we're doing: Total Properties: 11Total Rent To Collect: $10,240Historically, under Own It Detroit (Mutual Property Management) -- monthly totals of rent collected on the first and before the 5th was typically $1200 LogicPM has inherited tenants who for the past 6-8 months were told as long as payments come in before the end of the month, partial payments included, you're okay.

Quote from @Lauren Kormylo: The main reason to want direct bookings is to have control over your bookings ........  

If you're worried about break-ins, then you need to secure it.We give our clients several options, including removing & storing the mechanicals to avoid theft.Also, check with your municipality to see if they have any requirements.