Any advice/tips are welcomed!

I truly envy your skills in construction - they will be invaluable in REI.Do you have any tips on learning basic home improvement / handy-person skills? 

hello everyone,I've recently made two offers on short sales, (they both happened today)as they looked like good deals when i quickly ran the numbers, so i made offers on both as things are going crazy fast here in vegas and i thought it was best to submit an offer then have the option of turning down the deal if it wasn't a good one.after using the rental calculator one cash flows for 90 and the other for 60. and this is without me allowing for cap x on either, the reason for this is that ones a town home and the other is a condo, both with good hoa's, i did allow 5% for repairs which i think is a lot as the condo has just been totally refurbished and the TH was in good condition and I've allowed 1500 for touch ups, so it'll also be like new after I'm finished. my thinking was that this 5% would cover both repairs and cap x as there shouldn't be much in the way of either. is this a terrible idea for me to allow so little for both.i would be waking in with 25k of equity on the TH and thats without my 20% down payment. and with the condo id be getting around 13k.here are the rental calculator results for both-any help would be greatly appreciated!

They aren't super pretty (ARMs with rates well north of 4%... still way lower than HML), and obviously your plan can/should be to refinance into fannie/freddie money the second you're in a position to check the necessary boxes. 

@Sterling Cox Thanks for the tips!

The individual who started the thread did not mention Apple Blossom, but when I posted below, he replied back that the property pitched to him was actually on Apple Blossom.

Very inspiring story and super helpful podcast with tons of practical info.

It is a terrible way to go.I agree with @Doug Rose, that most cases, S-corps are good for active businesses and LLCs for passive businesses or holding RE.Get with a good, local CPA fast, before you make any moves you can't take back.

It is best to pay down on the loan as fast as possible to get the property paid off.

What I would do in this situation is a tip I learned from my trainer.