Make sure your accountant specializes in real estate taxation.

lol, bro, he's been involved in an attempted murder twice in the last 6 months.

are you allowed to edit the chart of accounts? 

In addition, you still need to meet the IRS requirements for material participation in each property or elect to group themBased on what you say it sounds like it would be challenging for you and your wife to meet these requirements unless she gets involved in more real estate activities that qualify for REPS hours. ...

Posting goals here on this thread can help to act as a form of accountability. 

From an operational standpoint you might also want to consider the cost of any extra tax returns that are needed by the entity as well as any extra accounting fees.Good Luck!

You are neglecting to account for gentrification, which is the biggest REI gain or all.

Looking to see if anyone has a basic template of an operating agreement for a business partnership of two parties involved in the fix and flipping business?

We take accountability for our own actions however, in this instance we will not.

Having dual licenses, loan origination and real estate, has got me involved in most parts of the investment transaction.