I graduated from East Tennessee State University with a degree in business management and am currently employed and working as the third generation of a family business that my grandfather started in the 1960s.

Is there a common approach to 

However, I have not had stable employment for the past two years, but have worked/held internships every summer and winter since starting college (September 2012).

That $3,636 will reduce the taxable income the property generated. this means on the free and clear property you have to pay tax on $6,364 where the leveraged property you only pay tax on $3642) Wrapping 2 or more properties into one loan is commonly know as a blanket loan.

@Christopher Choe   really depends on your cost of capital.. if your paying cash and have no cost of capitaland its hot CA.and your numbers are accurate.. then its pretty easy. as we know CA will sell for 99% or better of list.if you can get your RE agent to list for 5% which is common.. 500k - 5% = 475k390k + 40k = 430k... 

At least, this is the common conventional wisdom here on BP. 

Something that you almost never saw 2-3 years ago and is quite common now is an REO that has been rehabbed by the bank.  

Right... if I had the option to go LLC, I probably would, but given that my condo rules don't allow it, I'm wondering what are the common risks that should concern myself with as a sole prop on a flip.

It will also help in planning and budgeting and you can get bigger discount by buying the most common items in bulk. 

This is common with other situations such as short term stock losses but I cannot find any specific information on this??