Zestimate is $315K.Cash flow won't be great for me since I will be taking an expensive loan at 7%.Expenses would be: mortgage+taxes+home insurance= $1300Management fee of $100 will be waived for the first year.There are renters in the place with a contract till June 2019 and they pay $1635.What I'm considering is that:Get the place, have little to no cash flow and when the renters contract ends in June 2019 have them out and renovate the place and:1. rent it out for more or2. if the market is higher/ home value is higher after renovation, sell for a profit.What do you think?

I second cozy.coI’ve been using it these last few tenant cycles and it’s a great tool in many ways.1- if the tenant won’t pony up the $40 fee or take the time to do it, it’s a great indicator for me to who I’m dealing with2- I don’t have to take applications and money and I don’t feel bad for taking an app fee and not giving it to those applicants. 3- no need to collect ssn and to destroy4- Tenants can’t leave anything blank as they can with a paper app5- feels more formal and professional 6- generally the type of potential tenant I like to deal with that can use tech to communicate, which gives me a glimpse to how they’ll handle future complaints and requests. 

The last piece I don't hear much about but came to realize is in the last R, you have to schedule/plan for a second down payment and processing fees into the new mortgage for the refinance?

Let her know that due to this unfortunate situation that if she moves out by July 31 and leaves the apartment in good condition, you will let her out of the lease without any lease breaking fees or court record.Then find a new tenant ASAP and replace her.

Not sure your situation, but the VA funding fee is a large expense unless you are waived due to disability rating.  

The $7K Closing costs/ Fee for the Refinance is also high.  

I read about people doing this, but I don't see anything about how they actually set up the ownership/investments.So here's my question- in these situations, should I try birddogging and give them the deals and charge them a fee, or is that illegal/shady?

These include mortgage payments, taxes, insurance, utilities, and HOA fees, etc. that occurs during the Rehab period and up until the property is fully rented.Are you sure you can get the property Refinance in only 2 months after purchase?  

LLC formation FeesEvery state requires a fee for forming an LLC in their state.If you do business in a state other than the state that you formed the LLC in will require you to pay a fee for doing business in their state.Creating multiple LLC's can increase to the fees depending on how many LLC's you have and how many states they do business in.Regardless you should speak with an attorney on LLC formation.In regards to a state income tax perspective - The aggregate state income tax will likely be the same if they are all disregarded for tax purposes.Some things to note is that some states do require a separate tax return for LLC's(even if disregarded) such as Texas and California.

Will the CAM fees assessed on top of the rent to the office have some operations profit for administering the arrangement?