After touring the house, I consider he probably cannot move all his stuff out by tonight and so I gave him two days of extension (until 11/2) but will start deducting his security deposit at a prorated basis starting 11/3 if he still can't move out by 11/2.

Once you have a great property secured, it will be so much easier to decide how to proceed further. 

Make sure you have a carbon monoxide alarm if you have gas appliance.

Please call me if you have any questions or comments.My lease provides that the Landlord may deduct the "cost of re-letting the property" from the Security Deposit.

If securing a conventional 30-year is tougher than a bridge loan for flipping, then we may look into flipping instead.

Most areas are viable if you're securing off-market deals.

Look at your risk vs. reward and what safety nets you can put in place to protect yourself (I.e. tenants with garnish-able wages, increased security deposits, etc.).

Wholesaling will allow you to take off-market deals that you secure through your preferred marketing method and then assign them to a buyer for an assignment fee.

Legally creating one is definitely something to discuss with a securities attorney who specializes in funds.

I don't like the idea of leaving security deposits with them because they don't keep it in a separate account.