This is more conservative than prevailing thought here on BP, which emphasizes short term cashflow gains, maxed leverage, and views equity as a bad thing.If you're determined to pay that house off rapidly, refinancing into a 30 year at a higher rate, and then making a bunch of extra payments, would be folly. 

So when I look at an investment property I add that to the cost of purchasing on the spot, in my head, for a close number - it doesn't have to be exact.

Take a close look at your personal situation.I'm thinking this out in my head as I type and now I'm also considering the ability to leverage properties.

Seems like he added value.

We flipped one houses last year (first year in business) I am trying to wrap my head around understanding how/where flipped houses are reported on form 1120S.

I help head up the Ann Arbor Real Estate Investors Club.

The head of the commercial division at Dickson Realty, Ron Hemig, has done several mid-to-large size subdivisions. http://www.dicksonrealty.com/agents/23980-Ron-Hemig.

I see you're a new accountant headed to law school.

I have come across courthousedirect.com however all the info from that goes over my head. 

I'm heading that direction with eyes wide open in case an irresistible opportunity comes my way.