If you have the cash to build one, expect anywhere from $80k-$200k+ despite it being small there are many set costs to account for.

To anyone that has an LLC for flipping, can I operate as a single member LLC and still hire general/independent contractors?

That means it has to have the money. ...accounting.

Your example of the ice machine or other hallway areas in hotels doesn't hold water, because unless the hotel vets every single person that enters that establishment they have no way of knowing whether the person is a guest or a bum or a robber.

Make sure you use net cash flow, so you are accounting for maintenance, repairs, cap ex, vacancy, and property management; your cash flow might be $500 per month net if the gross is $1k.

It also can get challenging to set a price now to possibly buy in the future that the owner and you will feel is fair (with markets still appreciating at a healthy pace).You can also keep your eyes open for a seller willing and able to do a land contract with you (but there usually would want much more money down and likely want a full pay off in a few years, but can see what you can negotiate on terms).I agree nothing illegal about options/option fees in WI to my knowledge, but generally seem much less frequently used in single residential transactions than commercial transactions where due diligence and closing timelines may be very drawn out.

Then there’s the matter of a townhome/condo vs a single family.

Account Closed I would also advise to raise the rent a little each year but not enough to make then upset or run away.

When selecting your choice, take into account elements like the local climate, your distance from friends and family, and your general standard of living.

Your PM fees will also be less per unit for a multi unit vs single family.Tenants in multi unit buildings share walls so there is always the potential for noise complaints and neighbors that simply can't get along with each other.If you run into financial difficulties, it is much easier to sell off one or two SFRs than it is to sell one big multi unit.Traditional lending is much easier right now for SFRs vs multi units.