RelocationsAccording to HUD 4000.1, “A Borrower may be eligible to obtain another FHA-insured Mortgage without being required to sell an existing Property covered by an FHA-insured Mortgage if the Borrower is...relocating or has relocated for an employment-related reason; and establishing or has established a new Principal Residence in an area more than 100 miles from the Borrower’s current Principal Residence.

And because it's a flip you're prolly looking at ordinary income plus self employment plus ACA surcharge. 

Third, and more likely option, is to walk away since you returns will be so low.

That doesn't mean you can't make/save more money going the DIY route, it just means you're going to work a heck of a lot harder.So, turnkey companies can buy low, rehab efficiently, and then sell at (or, in our case, sometimes below) appraisal value (and you should always be able to see an appraisal and/or get your own independent appraisal done).

So far I've read Frank Gallinelli's book - What Every Real Estate Investor Needs To Know About Cash Flow...And 36 Other Key Financial Measure, and Brandon Turner's book The Book on Investing in Real Estate with No and low Money Down. 

The low supply of them, combined with high demand make this one of the most competitive asset classes in an already competitive market. 

That is just not the case and only makes sense strictly when compared to residential loan terms (longer amortization and low, fixed rates).

I've been using Podio, as it is pretty low cost.

Hi, I have a large unexpected expense on one my rehabs and I'm trying to keep my costs as low as possible on other items. 

talk to all the congragations/worship groups in the town that are smaller than this church and see if they are looking to upgrade their building. post advertisements for it at all the seminaries in the state looking for someone wanting to start their own congregation. maybe work out a deal where rent is based on congregation size that allows them to start out at low rent.