Long story short, Hurricane Katrina caused materials to skyrocket, we ran out of construction money and used our own, the project ran long and pre-sale buyers bailed.  

Flipping is "jumping in to the deep end" for sure and I like your comments about deep pockets, financial acumen and management skills.

Here they way we think:  our A/B properties are in areas with soild income/professionals that have good schools.  

The dirty tenant should have wording in the lease about keeping the unit clean and should also be billed for professional extermination.

If I apply for the conventional loan and get pre-approved I can avoid missing a deal, but I am concerned I will hurt my commercial loan application. 

Since you have great flexibility with the self-directed Solo 401k you can decide when it makes sense for you to make pre-tax contributions (as a self-employed your income probably varies from year to year and I'm sure there will be years when you need additional deductions), or when you want to make post-tax contributions into Roth (or convert some of your pre-tax moneys into Roth), or some years you may decide that you will not be making any contributions. 

Fortunately, we have a good report with the agent(s) with whom we work and they bring us lots of {potential} deals (on, off and pre-market).In short, it is not at all necessary to have your licence to be an investor here, but it could be beneficial as it can lower your selling costs when the time comes.

I am a IT Professional who has a love for financial planning and passive income.

Fast forward to September now, my wife and I got pre-qualified and started looking at properties again.

And then I saw them...I asked to see properties pre-flip, mid-flip, post-flip, and post-tenant/vacated.