For ordinary renters, absolutely.

However, you may want to speak with an attorney regardless.From a tax perspective, wholesaling generates ordinary income and you may benefit by having an S-corp setup.Reach out to your CPA for more guidance.Best of luck!

I spoke with an accountant and he said I will be taxed on this rental income as ordinary income because i am collecting the money under my name and not a business entity so I cannot make any deductions or write offs.

It is typically taxed as ordinary income up to 25%.Best of luck!

@Jesse Juris Yes, the 40 years is also typical in a loan mod….this is not an ordinary refinance. 

Flipping homes or wholesaling are both considered earned (or ordinary) income. 4) I think you are assuming there are tax advantages to an LLC that don't exist.

A portion of what you receive will be apportioned to depreciation recapture, so you’ll pay ordinary income tax on that amount.

During this time, I will be doing a basic inspection of every room and noting anything out of the ordinary or what looks like damage/deterioration. 

The important part is that if you are you can offset ordinary income, otherwise it can only off set passive income or a limit of 25k.I am not an accountant, but this is my understanding.

The delta is your profit and loss (which in my business notes are considered interest and taxed as ordinary income).