However, if actively working in the business, the IRS requires taking a reasonable salary (W-2) before taking distributions.Since this is your first project, it’s a good time to discuss with your CPA whether an S-corp is the best structure for future flips, or if a different entity type (like an LLC taxed as an S-corp) might be more beneficial.This post does not create a CPA-Client relationship.

It’s a matter of Risk Reward.

You'll learn a lot!

It may be time to find a new PM. 

We're giving a full refund.

It may seem trivial for $3-4K/yr, but just consider it as a necessary action to be able to sell one day, otherwise you're likely to be in a serious bind later. 

I'll send you a direct message.

Now, I have multiple LLCs which each do a tax return. 

All I know, is that I would like to start a journey investing into real estate.

Quote from @Josh Bowser: That's a good little deal scott!