I recently attended my first REIA meeting as a guest (South LA) and it seems like the more I learn, the more I realize how little I know.

It seems like the market is getting very overpriced.Properties are selling within days of hitting the market.

Both the mechanical and plumbing seem to have less left on the contract than what would be required to finish the work (for instance the HVAC guy has done everything but put in the new package unit outside which is about a 5k job, but only 3.5k is left on the contract) but I, nor the owner who has been very cooperative, have been able to get in touch with the electrician, and there is a good bit of work yet to do.When you say $ held in escrow post closing to cover leins, do you mean $ out of the seller's pocket/sales proceeds, or out of my pocket?

While I like your property and the asking price seems reasonable, the specific terms of the contract do not allow me room to conduct sufficient due diligence on the property. 

They don't seem 100% sure of this but say that it would be easier as I would have a federal Tax ID with an LLC.  

No amount of "should work this way" seems to work for very long here (at least in my experience), as every single flip will enjoy all kinds of surprises and contractor related issues.

So I am somewhat involved with commercial brokerage firms and owners and they seem to be doing well these days.

The reason I ask is because I am looking to get my first rental property and this seems like a good means of financing for this opportunity.

I can't seem to grasp the concept for this scenario.Thank you!

Books I see on Amazon seem to focus more on operations, accounting and customer service.