Things in your tax filing need to be really off to do this.Being a REP/active participant and using cost seg to offset a spouses (or your own if that's all you do) W-2 wages is fairly common practice.

I didn't have much money, and not much experience but I used my background in finance to put together a syndication and buy an old office building and drive thru on .59 acres with the purpose of developing housing.My passion was creating housing in a city with under 2% vacancy and skyrocketing housing costs.

I wouldn't care who buys my property, I want to net the most amount of money in the shortest amount of time.

Almost every REMIC is in violation of it's tax status.

u can see these homes on my website. also if there is any way to manage it.. if you can figure out how to get paid as a WA resident you will enjoy the same no income tax status you enjoy now.. 

Tax-wise, profits are taxed at your ordinary income rate, and frequent flips may subject you to self-employment tax if classified as a dealer by the IRS.

Explore my personal favorites, Set For Life by Scott Trench or The Total Money Makeover by Dave Ramsey, for invaluable financial insights.3.

Explore my personal favorites, Set For Life by Scott Trench or The Total Money Makeover by Dave Ramsey, for invaluable financial insights.3.

I work in WA, not IL.Sounds like similar facts - you need to be licensed if you are going to manage other folks' property.Here, you need to hang your license under a managing broker until you can get your managing brokers license, as brokers can't touch money and do a few other things legally.If it's like WA, you will have to hang your license under a managing broker at a brokerage, and coordinate deposits, contracts, fees with them.If that is the case, ask some brokerages that will allow you to hang your license under them for minimal fees in order to be compliant.

My plan is to buy the house subject to their existing mortgage, renovate the property, refinance it and pay off their remaining loan balance using the money from the cash out refinance.