Be mindful of short-term capital gains tax, as profits from flips held for less than a year are taxed as ordinary income, and frequent flipping may result in self-employment taxes.While profits from flips do not qualify for 1031 exchanges (since flips are considered inventory, not investment properties), you can minimize your tax burden by deducting allowable expenses like renovation costs, loan interest, and holding expenses.If you're considering diversifying into rentals, explore opportunities to benefit from long-term tax advantages such as depreciation and lower long-term capital gains rates.

During my REI investing journey I've done 7 1031’s, then followed each of these up with cost segregation studies.

It costs less than $200 to file an LLC in WY. 

Set up a contracts account at both Lowes and HD. 

With that said I'm curious as to what would be the best business set up (sole, LLC or Corporation).

I would say that the value he brings is finding the deals, doing an initial diligence, having a local team set up for renovations/repairs/property management as well as knowledge of the neighborhood.

Also look into whether the city has already set up regulations around STR or whether there are potential changes coming down the line. 

Completing the setup will likely lead to smoother operations and peace of mind in the long run.

Feel free to send me message and we can setup a time to connect! 

If you would like to connect, please check out my profile for contact info, and let's setup a time to have a cup of coffee, either in person or virtually!