Though many investors bend the rules and possibly don't get caught, you have the financial situation to do it correctly.

My CPA has told me that i can move it from the inherited to my personal IRA, but I am struggling to believe that he is correct.   

That being said I still had to monitor him and make sure he did the work correctly and not just lip stick on a pig.

In this case, the LLC will file taxes as a pass-through entity, meaning the income or losses will be reported on your personal tax returns, and each partner will report their 50% share of the profits or losses on their respective individual tax returns.To make sure you’re doing things correctly, I recommend consulting with a CPA who specializes in real estate investments, as there may be strategies to mitigate tax liabilities or specific deductions you can claim related to the flip.

I've been a financial planner for 17+ years and one of the main things I've learned is that the more I think I know what's going on, the less I'm actually correct. 

Small roof repairs are usually fine to do, but ... the foundation should be corrected and settled back in place (usually 1-3months, depending on the method and what was done) before the roof is replaced, or you'll void all warranties that the roof had!

That's the sacrifice to run rental properties correctly. 

After over a decade of investing in Milwaukee I can confirm you have arrived at the correct consclusion.

You are generally correct that there is an annual exclusion for gift taxes that generally passes tax-free (of course, in all situations, exceptions apply and you have to meet all requirements to qualify). 

Hey Zahra,Have a lot of clients working down there and you are correct, it has become a great place for investors.Biggest differentiator that I have seen has been on appraisals after the repair.