help!!! lost on what to do next!!!

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hello everyone! im newbie and learning so much. everyone here is great with the sharing of knowledge. i hope to contribute some in the near future.

i am 21 and purchased my first property at 19[strawman]. i orchestrated the deal and quit claimed the property to my mom and partner [the person i bought it from got it from the sheriff's sale]. i got the property for $29,500 in 2004 and properties on the block are now selling above $98K. The property I bought was a distressed property on a redeveloping block, but anyways, my question is this::: My partner and I finally finished renovating and plan to flip it in summer 2006.

1. What's the capital gains situation looking like for me? My mother owns a home and continues to live in it 5+ years. My partner does not own a home.

2. Should I quitclaim the property from my mom & partner into an LLC to avoid whatever is to come in the future?

i should probably advise an accountant but i want insight from the pros first. thank you in advance for those who responds :D