Any excess will be wholesaled.

I was initially planing on getting the property under contract at $190 k and assigning to the end buyer at $215k but then realized they would have to bring the difference to closing which i'm not sure is possible as they would be getting a mortgage for the home and may not have the excess funds.

If I had very low-interest student loan debt, I would probably use excess funds to invest in real estate because a) the interest rate was already low, and b) at least for now, the interest is deductible - that makes the effective interest rate even lower than what it might be.

Since you have cupping instead of crowning the swelling is coming from excess water on the bottom of it.

I had a lot of people advise me that an LLC “isn’t necessary in the beginning because of low exposure,” but that doesn’t make sense to me because the way I see it, this is quite possibly the riskiest phase of running my business, where I have almost no assets other than personal ones, and if someone wanted to sue me and they win, and the damages weren’t fully covered by insurance and liquidating my one or two “cheap” rentals, well now my personal residence is on the hook and I could literally be put out on the street with nothing.

All excess cash would go into mortgage payments, paying the sellers note, and or improvements to bring in more cash and increase equity.So, I know I didn't give you too much info.

Deduction for sole proprietors, LLCs, and S-Corps equal to the sum of:The lesser of: Combined Qualified Business Income, or20% of the excess of: the taxable income divided by the sum of any net capital gain.

All collected rents and all appropriate expenses should go through this account.You should not pay for business expenses with a personal account nor should you pay for personal expenses out of the business account.You may then periodically distribute excess cash flows/profits to yourself by writing a check or otherwise transferring funds.

I am looking at building a portfolio of >40 units in OH and need to work out the overall business entity structure to limit liability, equity exposure to lawsuits and taxes. 

Or perhaps keep it REI, and invest your excess capital in a real estate investment fund.