@Bob Asad I like the individual sub account method escrow account, but there are multiple different ways to hold security deposits and multiple laws in different states.

There will likely be a partnership return required where you flipped a house with a partner and lost $120,000.If you sold the other property within the same partnership, it will also be reported on that partnership return.The net result to you is that you will receive a K-1 showing your income / loss which you then use to report on your individual return.If you made no money within the same year, you likely pay no additional taxes / get no additional refund.Best of luck.

When I partnered with friends on a multi-unit property a few years ago, we chose individual umbrella polcies from our personal providers.

Whether its for investors, agents, or just a general meet up for like minded individuals .

Each individual owner can have their own Deferred Sales Trust™, the assets of which can be managed to each taxpayer’s own individual risk tolerance and preferences.9) Net rental income.

Oh well.However, if it does come back, what I found was that creating the optional "Individual" FinCEN ID makes things a lot easier. 

A community of growth oriented, abundance mindset, go-giver individuals with a BARE MINIMUM commitment to become financially free through real estate investing.We focus on providing education and building networks to help every member solve their cash-flow freedom equation, so they can have the time-freedom needed to follow their passions, make a lasting impact and even change the world!

Best bet would be a “partnership” with a monied individual looking for a high risk/high return passive investment with you providing the “active” part.  

Can anyone verify this is OK or is it state by state-regulated based on their individual jurisdiction?  

NET 30), etc. and you can use this project-specific agreement as an addendum for individual jobs.Final Tip: Treat the contract as a transparent, collaborative tool to set expectations, not as a "gotcha" document.