Looking for some input...I'm working on educating myself more when it comes to various tax benefits and trying to decide what would be the best route for me moving forward. Ideally I would like to have at least 1 LTR,...

but keep in mind CA has higher taxes and reg fees and I’m not doing more than 1-2 flips (short timeframe flips)  a year and many years do 0 flipsDo most flippers put flips into LLC Or in personal name (sole proprietor)  in CA (where you must pay $800 yearly plus accounting and other fees $300to $600+ yearly to maintain LLC) Pros for personal name-save on taxes accounting.

If I hold a property in an LLC (sole proprietor) can it be sold to an LLC that my son is the sole proprietor of?   

So be careful.One work around that would be for you or your wife to form a single member LLC that can be taxed as a sole proprietor in NC. 

Plus, with it being just myself running my own business, and after reading up on how many cash buyers other wholesalers have put in their network to buy properties, that are also sole proprietors, I'm going to assume that having a huge cash buyer list is not really efficient at this point in the game.

In fact, if you qualify as a sole proprietor (real estate agent, broker, small business owner), you can have something called a solo 401k and use that to purchase property.

I ask because most who write similar posts on BiggerPockets are unable and I am sorry but  "A unique blend of benefits that are favorable for R.E investors who are sole proprietors" sounds like something a  fear mongering asset protection company will tell you before upselling the expensive and unnecessary asset protection product.

When you say "we," are you speaking about your business or your personal tax returns, or does your business flow into your personal returns because you file as a sole proprietor?  

This is why I'm a sole proprietor.

As this is your first I recommend an attorney even if you are a sole proprietor.