Having trusted resources in market have been helpful in managing our properties and contractors especially when my non-real estate related consulting business is in its busy season.

Congrats on the sale of your business!

We are building a place with HELOCs then after it is built we will finance it and pay off our HELOC, at least thats our plan. 

You'll find that your best talent is already working at another lender or is planning to transition to the broker side. 

But if you want to maximize your deductions now or plan to sell the property soon, then using it now could be better.Also, if you or your spouse qualify as a Real Estate Professional for tax purposes, the losses could offset other income, like your W-2 salary.

There may be a way to reduce property tax reassessment by using LLCs, but it is a complicated plan, takes time to complete, generally needs a business purpose, and is not without risk. 

I plan to make them into rentals by this fall.I’m looking to connect with someone who want to work together.

However, you can reduce tax liability by:Converting the flip into a rental for at least a year, allowing for depreciation and potential 1031 exchange benefits when selling.Offsetting gains with deductions, such as accelerating business expenses or using cost segregation for rentals.Using an S-Corp for future flips to lower self-employment taxes while keeping rentals in an LLC for liability protection.Deferring deductions to 2025 if your 2024 taxable income is high.While a 1031 exchange isn’t an option for flips, strategic tax planning can help minimize taxes.This post does not create a CPA-Client relationship.

Sounds like a great plan!

To mitigate these risks:*Have an Alternate Plan – Be ready, if the market slows, to rent out the property.