But when you start trying to define relationships you walk on thin ice.

A flip is a business, so it is subject to ordinary income tax.The IRS does not care if you buy a house, improve it and resell it or you buy bread, mustard and lunch meat and make sandwiches - to them it is the exact same business model.You can search the vast number of writings I've done on this subject on Bigger Pockets.I agree with your CPA in all aspects and here is why.Running it through an LLC:  If this project comes in at a loss, how is your investor going to prove out their share of a loss or report it? 

Delegating your tasks is crucial in this aspect of real estate.

That is the one aspect I'm still not sure how to tackle.Thanks in advance! 

I'd researched a fair amount of other aspects of real estate investing before, but just have never interacted with a title company in any way whatsoever, so it's a foreign idea to me that still doesn't jump to mind even when it should be the obvious solution.

To my way of thinking, the seller is one of the most important aspect of a good deal.  

I think extended is defined as anything more than 3 consecutive days.

However, that aspect may change once you tell us what debts you have.

Any suggestions for what aspects of the business I should be focused on learning first (property analysis, networking, financing)?

In case you don't know what these are and just want to read along to the responses, I will define each term.Demographics: This information gives you age, gender, and income level of a group of people.