No effect on taxes at all, unless you elect special tax treatment. 

You will find treatment of "subject-to" will vary, from attorney to attorney.

Carlos, good to hear your business ethic, the issue is trying to do something very difficult, can be worked very hard with little reward.

Hi Folks...I have a burning question I hope you guys and gals can help me with.Is it ETHICAL and/or LEGAL for a Real Estate Agent to be the Listing Agent on a Property he/she owns as a managing member of an LLC?

Properties that are acquired with the intent to rehab and then sell immediately do not qualify for 1031 Exchange treatment. 

The one point that I wanted to make sure was understood is that the improvements, whether paid before, at or after closing must be paid under the control of the Qualified Intermediary and the corresponding improvements must be completed before you take title to the property in order to be counted as "real property" for like-kind property requirements and qualify for tax-deferred exchange treatment. 

My advice is stay away from Realtors until you learn their role in RE, their professional ethics, agency relationships and how they do business.

@John Horner  thankyou for the feedback, do you think a experienced flipper would be interested in partnering with a newbie if they brought substantial cash and work ethic to the table?

By default, an LLC has the same tax treatment as a S Corp. so no election is necessary.

I do not commit fraud, and I conduct business in an ethical manner.