If you have a lot of assets, W-2 and are flipping in a different state you definitely need to speak to a qualified estate planning attorney, cpa and an attorney that deals with entities and which entity to form.

Watching BP videos, reading, studying, we need a better plan.

@Inga DavisDepends on what you plan to do with the extra money you cash out.

No doubt..100% equity in a cashflow plan backed by physical structures or assets is hard to beat.  

My plan is to buy a property like this, as long as the cash flow is not negative, I am ok.

I would like to know if they are planning to do something about pricing popular amenities, namely pools. 

I've been reading some posts here about setting up individual LLCs for each property for asset protection, and saw that some state allow Series LLC but got quite confused with the various posts.I currently live in Phoenix AZ, and plan to invest in out-of-state properties.

I am trying to accomplish the following:- I have 7 properties that have great cashflow that I plan to retire off them.- I want to talk about my retirement plans, if I should form an LLC, if I should be investing in my 401k, etc.I got this far mostly by myself and it’s to the point I need some guidance.

Option 1: buy another “starter” home for around $375k and plan to live in it for around 5 years while renting out the current house. 

Hnu,  Congratulations on your plan to become an investor, make sure it doesn't just stay a plan.