Additionally, do you make any adjustments for the systemic differences of REITs (taxation exemptions/90% rule come to mind) and the fact that they are market-to-market while the asset isn’t when applying beta (I’d imagine that, while REITS have lower volatility than normal stocks, that they are significantly more volatile than individual or a portfolio of actual assets)?

If for some reason it is being shown as a distribution to owner you could be subjecting yourself to double taxation by issuing yourself a 1099 given with an LLC you are paying tax on your portion of the total net income every year.

. - Property Taxes: I've looked on the NJ websites (https://www.state.nj.us/treasury/taxation/lpt/taxr...) to pin down the appropriate property tax rate but not sure if this is the right place to look.

If so, there will be exposure to taxation on Unrelated Debt-Financed Income (UDFI). 

@Scott CarrilloPartnership returns normally cost more to prepare than individual returns and there are reasons for this.There are less tax practitioners that specialize in partnership taxation than you will find that specialize in individual taxation.The following is at the minimum required to prepare a blank partnership return1) Name, SSN/EIN, address, active/passive information for each partner2) Reading and understanding of partnership agreement3) Gathering EIN and address of partnership4) determine how tax law changes(I.E. 199A deduction) has an impact on the return.5) Time to prepare and review the returnRegarding whether the partners have to file separately.

You're debating theoretical principles of S-corp taxation.

From a tax standpoint, and to correct what you stated in your first post, any profits from a flip are NOT "capital gains" rather ordinary income tax at your marginal tax rates.

I once heard a former Republican South Carolina Congressman make a compelling case for carbon taxation in a way that is truly "free market."

So taxation is different.

As it stands I would be tax at the corporate level 21% then the proceeds will flow to me as capital gains.