The best advice we got was to use someone from our state of residence to write things up and do the planning. 

Sorry...way way too many questions for me.Every situation different.Probably not enough spread in most cosmetic flips....probably need the full meal deal.Also that cuts out much of your competition if you can handle more.Older and cheaper probably better depending on where you buy.Be ready to act quick, be conservative on your ARV and plan on about double whatever you think your time on market will be. 

I am thinking about home office, phones, RE related milage and meals, may be buying a vehicle via LLC.

Using an S-Corp can help by splitting your income between salary and distributions, reducing that FICA hit.Deductions: Make sure you’re capturing every write-off you can like mileage, tools, marketing, software, even meals and travel when they’re tied to the business.

Guests staying more than 30 days are likely going to cook at least some of their meals, and nothing ruins a stay faster than opening up the cupboard to discover worn, dingy, and damaged cookware.Best practice: Buy a new, inexpensive yet COMPLETE set of cookware, containing at least a frying pan, a covered skillet and two sauce pans.

We want to create an affordable SRO-style housing product with common facilities and meal plans included in monthly charges.

I know this is painful, but it has happened to the best of us....paying too much to a wholesaler, going over budget on rehab, taking to long on the rehab, and during that time market changes.If your game plan was NOT to turn this into a rental, then don't. 

A lot of investors are trying to reposition properties or free up capital without selling. Would love to hear how you're timing your refi decisions.

You have to meet state-level regulations for:• Caregiver ratios• Meal service• Medication management• Training and background checksIf you’ve never operated an ALF, bringing in a licensed administrator early is a must.5.

So unless you plan to be unemployed or in a lower tax bracket soon.