Fees are $25/month as it is just 2 units, concept is being so small two owners can more easily work out the common area costs  It's east so may not meet your criteria but it is in a revitalizing neighborhood near UT and downtown.

I've always found land to be a simpler business model overall with fewer moving pieces, but there are still plenty of challenges and obstacles to overcome.

I'm hoping to find a simpler example to help build mine.Thanks!

I feel like I've never truly wrapped my head around this concept. 

Removed half wall in kitchen to make open concept.

@Cody C Floyd,A concept that I just learned about from the BiggerPockets Real Estate Podcast show 29 is something called "Peer-to-Peer Lending."

This would help with determining if any changes need to be made or if things can continue to proceed.A big plus of having your books in order is that it makes filing your taxes much simpler.

@Leanne SorgWell, there is the concept you don't always need a LLC...But, you probably need a builder's risk policy on the property during rehab. 

The "cash flow" is not changing, just the amount of expected profit (after budgeting everything else) isBrandon Turner goes over concept pretty well - he separates them as pure cash flow (profit) vs cash flow (amount left after PITI)Another reason I do it this way is that there are many gurus saying "ahhh this turnkey SFH I bought cashflows $800 per month!!

This concept can be seen in new construction trends where builders are opting for larger bedrooms and each room to have an en suite bathroom for convenience and privacy for tenants.