just to be blunt, that is expensive and high risk. 

This approach simplifies the sale and avoids unnecessary legal or tax complications.If she want to share the proceeds and tax obligation in a technical way, she need to file a partnership return for this property.This post does not create a CPA-Client relationship.

However, the success of your project will depend on factors like location, renovation costs, and market timing.Many investors have found great success by focusing on high-demand neighborhoods with strong buyer interest.

Look at quality properties (not something that is cheap and looks good on paper). 

I flip with cash, not loans, mainly because there are not enough deals out there that meet my highly selective acquisition criteria, so no need to pay interest on cash otherwise sitting in a money market account. 

If your income is high enough that you won't qualify for financial aid (or you've saved enough in 529s) then it won't matter.

Even if it's a total rehab if the land bank has a property in an area where the arv's are substantially high wouldn't that be a good deal or a promising neighborhood for buy and hold.

I highly recommend listing to @Dave Meyer's most recent on the market podcast! 

We have restricted cities in my market that are loosely enforced, but I would highly suggest not going into an investment "hoping to not be caught". 

To avoid issues, hold the property in the trust for a year, ensure the LLC is properly structured, and consult a CPA or 1031 exchange expert to confirm compliance with state and federal tax laws.This post does not create a CPA-Client relationship.