So, if you live in a house for 6 months, fix it up, and sell it- it's my understanding that we will have to pay the short-term capital gain tax.

Also 7-8% is realistic in most markets (from what I hear) What I took from Bjorn here is to fix your own variables, good call not to trust whats given!

That has become our main strategy that we use and like @Jason Dillard shared, it is more lucrative and less hassle to manage.The way we use this model is we buy properties under market value that are below the median home price for our area and then we fix them up where our all in is 75% of the ARV and then we put them on the market for 5-7% above current market value on a 4-year option.The key to using this model is the contracts that are used.  

Need to do a “tenant get ready” / “turn service”.Paint, caulking, basic fix whatever odds and ends, etc.Any recommendations welcomed!!!!

Due to water damage, we scheduled contractors to come out and fix the carpet and whatnot.

I’d really love to fix and flip and buy long term rentals but I just don’t have the cash yet and I understand that hard money lenders are very expensive for new investors.Any tips or legal advice for this area would be very helpful!

You want to be able to keep track of all details regarding your property and you can do that through the Fixed Asset Items List of QuickBooks. 

Slow selling season with minimal buyers on the island.FRankNice - just be careful with those shorter term fixed rate loans.

This really is one of the things that I wonder about when I read about guys who go the managed-turnkey route, many OOS doors, low cashflow for each, paying contractors for every fix.

Commercial rates are usually 5-7 year ARM, amortized over 20-25 years somewhere in the 6%+ range.I have also seen a few commercial lenders that offer a 30 year fixed program but the rate was over 7%.