Each investor would still choose their preferred properties and the corporation would liquidate enough to pay taxes.

According to our understanding:1) California does not recognize REP status, but we could claim it on our federal taxes, is this correct ?

@Jeanette LandI always recommend using a tax professional.

Wyoming has no state income tax.4.

However, this means you’ll need to comply with the annual filing, franchise tax, and reporting requirements in both states.

You could structure the deal as an installment sale or a lease option so the property owner doesn't see a large capital gain tax payment for the sale.And good on you for helping out!

@Josh Ball mentions, there are issues with foreign investors but, nowadays, it's not necessarily on the tax front anymore.

What paperwork should I keep a paper trail of to make things like taxes and other situations better/easier for myself?

The use of the accelerated depreciation strategy helps real estate investors to reduce the tax liability immediately which therefore increases their bottom line due to the offsetting of income.

If all goes well, my monthly payments could drop about $60 from a tax reassessment in about six months.