The expectation would be that I can at least do 4 flips a year (average $30K) to cover our living expenses and let the rental income build up the cash reserves month-over-month for vacancy, repairs, capital expenditures, etc.; however it would be a safety net from month to month, if needed.Request: I want to know any and all of the possible financial or other real estate investing issues that I might come up against that I need to be prepared for that could put me in a precarious financial situation.So please, unload any and all possible events that would make this scenario something that would put my financial situation at risk.Thanks for your time!

It depends on what the HOA covers.

I suggest checking out some of the webinars that BP puts on, @Brandon Turner covers deal analysis very well.

Depending on what the HOA covers for maintenance (exterior - siding, roof, etc?)

My combined net commission from both of those first sales barely covered my startup costs, but I had some transactions under my belt and had learned a massive amount in under a year. 

If it was built before Oct 1978, bank on it being RSO Also check out https://hcidla.lacity.org/What-is-Covered-under-th...

I want to do a lease to purchase with the seller with a down payment to cover the cure amount and monthly payments made to the mortgage company to keep the loan current during rehab period. 12 month option to purchase at 125k with all payments and down payment going towards the purchase price.

It makes it easier that you’re the owner of the equity, but your partners will want to be covered too.

What we have opted to do instead - is utilize a relationship with a local real estate broker who also has his CAM License.

@Dmitriy Fomichenko covers those kinds of questions.