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.

Expect delays and unexpected expenses: No matter how straightforward the project seems, having a contingency fund for emergencies is essential.Your Team matters.

Are you willing to make that sacrifice and delay gratification for the 1-2-3 years necessary to make this work? 

They tried to save money by filing themselves but ran into procedural issues that ultimately delayed the process by weeks.

Consult with a tax advisor or attorney familiar with both partnership law and real estate to ensure compliance and minimize tax liability.Once under a TIC structure, 1031 exchanges for individual members could allow them to reinvest proceeds from the sale of properties into new ones without triggering immediate capital gains taxes.

Diversifying your investments could also be a wise strategy to minimize risk.

Zillow seems to do minimal verification of information provided and that just isn't good enough.Your situation does seem strange though. 

So while I have family nearby I want to minimize excess wear and tear because 1.

A primary residence will most often provide more favorable loan terms so if you are willing to wait one year while you living in your new property and are comfortable with renting out your primary residence to a tenant, then getting something such as an FHA loan is a good strategy to minimize your upfront costs and hopefully get better loan terms.

Sorry for the delay.