This way, if the roommate wasn't really meshing well in the house--but didn't do anything that you could legally evict for--I could simply give a 30-day notice to vacate.

Perhaps a nice 1950's built bungalow.Always hire a 3rd party property inspector to give you an unbiased feel for the home.

I'm setting up two LLCs with one for the flips and one for the rental properties.The flips will be an S-Corp exactly as you said to try and make room for some of that income to be taxed at a lower level.Having the separate LLCs is necessary not only for legal protection, but to keep the accounting separate.

Download and use a third party app to import the rents into QuickBooks.

@Ryan Canfield to get another FHA loan for increase in family size, you have to provide evidence of increase of legal dependents, and the LTV on your current primary that you are vacating must be 75% or less.

To legally protect yourself you need to stay the course on the eviction.

No legal advice given

I often walk to the grocery store because I can rarely find parking at our local Publix :(I think I am late to the party, but imo the question I think comes down to asking what does your dream look like?   

The hard part is finding the route that works for you.

If it is 15% down they could get a lot of money from you upfront and then get full recourse against you selling at an inflated price.One scenario non-recourse you learn on the property and then hand it back with minimal losses if it turns out to be a real dog.The other situation is they have full recourse against you on the loan, they sell you an inflated price, you put a bunch of money down 15%, and now they won't let you out of the dog of a property and every waking day you are dealing with problems.Owner financing can be great if set up properly.No legal advice given.