There may also be costs associated with setting up the accounting for the shells, and preparing inital shell formation meeting minutes, etc...You will also need separate bank accounts, and a war chest of money to defend them if/when needed.Ask your asset protection attorney vs salesperson for a quote on the cost to defend, and how much it will cost to move title to the shells.Find out if moving the title creates a taxable event for you with the IRS re.

As an investor myself, I can say, first transaction is always the most challenging and then each one gets easier. 

Hey Marc, Claiming Real Estate Professional Status (REPS) for a taxpayer (TP) who is a W-2 employee and involved in asset management is indeed challenging.

Even though I know the numbers well from my previous experience, I’m sure there are some unique challenges when it comes to flips—like managing renovations, timelines, and of course, staying on budget.For those of you who made the transition or started out flipping, what’s something you wish you knew before your first project?

I believe it would be irresponsible to remove Lane's ability to post to the forums, as that would remove his ability to defend himself.

Would love to connect with anyone with experience to see the challenges and process.

The challenge with moving to a new area is (1) you don't know if you will like it and (2) what is the job market like should you have to change jobs.

Have any of you had experience with similar property management challenges in the Chicago area?

Great question and honestly, having a business partner can be both a blessing and a challenge, depending on how you approach it.

One of the big challenges, as you may be aware, is the permitting for this type of community.