In addition to the cash flow, you'd also be getting tax benefits and appreciation and equity build via mortgage paydowns, so you'd ultimately be making more than $350k (presumably).

Any additional advice is welcome!

Additionally, I've signed up for the 90hr real estate agent class so I can get my license.

Additionally, If anyone knows of other methods to get into investing without tons of cash on hand please feel free to comment and share your knowledge, information and experiences.

As it is currently configured, it consists of 2 separate houses (1 large and 1 small), but the large house has been split in the past and the small one has additional space that another unit could be added.

Additionally, for estate planning reasons, the LLC would be owned by my revocable living trust. 

@Nick Colvill In addition to rent rolls and copies of the leases, you could ask for each tenant to fill out estoppel certificates to verify rents/damage deposits, etc. 

But had we begun on a shoestring, our flip could have sunk us.In addition, DFW is a very tight market, the wholesale properties we see being put on the market are too thin for us to make money.

You almost never recoup costs lost.This is a contract dispute, and you will most likely be paying the attorney up-front for prep, plus additional litigation fees.

I didn't think much of this until the inspector told me that he had seen people turn attics similar to this into additional brs + bath.