After touring the house, I consider he probably cannot move all his stuff out by tonight and so I gave him two days of extension (until 11/2) but will start deducting his security deposit at a prorated basis starting 11/3 if he still can't move out by 11/2.

Once you have a great property secured, it will be so much easier to decide how to proceed further. 

Please call me if you have any questions or comments.My lease provides that the Landlord may deduct the "cost of re-letting the property" from the Security Deposit.

If securing a conventional 30-year is tougher than a bridge loan for flipping, then we may look into flipping instead.

Most areas are viable if you're securing off-market deals.

Look at your risk vs. reward and what safety nets you can put in place to protect yourself (I.e. tenants with garnish-able wages, increased security deposits, etc.).

Wholesaling will allow you to take off-market deals that you secure through your preferred marketing method and then assign them to a buyer for an assignment fee.

Legally creating one is definitely something to discuss with a securities attorney who specializes in funds.

I don't like the idea of leaving security deposits with them because they don't keep it in a separate account.

I currently have a tenant who gave me 30 day notice on 10/21 to move out on 11/31 and is refusing to pay the last months (11/1) rent but telling to take it out of the security deposit.