The cash flow alone would be a 60% ROI and that doesn't include equity growth by mortgage pay down and appreciation which could easily push your true ROI to 80% or 100%. 

Although the loan will allow for 10% contingency that is very easily blown out of the water by a single unforeseen issue and it's a nightmare trying to get through it.Let me know if you'd like a couple of names of people who have experience with the program.

That said, you can easily live for free while your tenants pay your PITI and pay off your property for you. 

I don't know south FL very well but I would think you could find something easily.

Is this something that can be determined/estimated easily and accurately before talking to the seller?

I'm glad you were able to rent your 4/2 easily, good luck with renting the 1/1!

It is a second job. with all that said you  have holding costs every month. if the loan pmt is 400 and it took me 6 months. that's $2400 holding costs. not to mention utilities, taxes and insurance could easily add another 2000.

Basically, I'm trying to finance all the costs that went into the property (purchase price and reno cost) and reduce/eliminate down payment by using K1 distribution from the proceeds of the sale that are due to the LLC.

At the end of the day I am just really curious to know if this strategy is even worth the hassle, and if it can be easily replicated so long as the seller wants to sell bad enough and the property has been on the market for a significant amount of time..

You could easily spend 6 months worth of rent between turnovers just if you had to repaint.