The response here is a bit late but thought I would share in case helpful for others in a similar situation:The self employment tax applies if you have income from a trade or business (which a facts and circumstances determination), regardless of where in the world that business is conducted.

The Conference Board will release its “Leading Economic Index” for April on Thursday (5/20).

In my experience since time is money, I always hire out this initial process and have professional who does this regularly conduct a thorough feasibility study to tell me what's the best route to get me the biggest bang on a particular lot, look at Density allowances, etc. 

Having a holding company LLC which would then own an LLC in the state you conduct business would also give you charging order protection. 

Just wanted to introduce myself here; I'm Jerome Hubbard of RedStone Investments LLC and I am a new investor looking to conduct wholesale deals in the North Greater Atlanta GA area (Cobb County).

I was living in Texas and after two other managers who just continued to let the place deteriorate I was down to 4 out of 14 tenants left, and homeless, squatters, gang members, and people conducting illicit activity overran the place vandalizing units and leading to regular police visits including for a homicide. 2nd half of 2021 is focused on rebuilding.

Where and how did you conduct your "research" that the markets going to crash? 

U.S: The "holding purpose" inquiry may appropriately be conducted by attempting to trace the taxpayer's primary holding purpose over the entire course of his ownership of the property [Not just time of the sale](c) Were the sales ordinary in the course of that business?

Next you will need to determine how much work needs to be completed on the property and develop a cost estimate to conduct those repairs.

In my case it was for a flip, so we gave in and bought it, even though all of our business revenue was reported in the city in which we conducted all our business (collected revenue and paid bills.)