FHA is one of the easier to qualify for with the 3.5% down, but as Aaron Klatt mentioned you would need to live in the property. 

I would have been at $200,000 cash flow if it wasn't for a few learning mistakes I mentioned on Podcast 238.  

I will check those options you mentioned though and do some more research. 

@Tanner Timmons - Thank you for mentioning, @James Carlson.

The biggest key--as has been mentioned above--is getting either a contractor or flipper who has done it in the past.

Steve, Then it is OK to have the one account, just have a way to separate the expenses for each property in your accounting software, as @Carl Fischer mentioned, if you use Quickbooks assign each property as a class or if you use quicken rental property each one will have it's own TAG and just assign a tag to the expense.

You mention fix and flip.

But like @Jay Hinrichs mentioned that type of attitude doesn't last long.

I mean I've asked a few investors this question and I got few different answers and not to mentioned more confused LOLEarnest Money and Assignment Fee are two different things with different purposes and handled differently, right?

What are property taxes like in the areas you mentioned?