It is subject to self-employment taxes.Money earned from (and expenses associated with) flipping will likely be reported on Schedule C unless you are in a partnership or choose to be taxed as a corporation - an entirely different discussion.Rents (and rental expenses) are reported on Schedule E. 

Under the United States' Internal Revenue Code, a business trust may be treated as a grantor trust, a partnership or an association, just as a corporation, depending on the wording of the trust agreement. 

Does the state you are purchasing in use statewide or local approved forms from the realtor association?

Here are some things that I would consider.Advantages: VA loan is a huge plus with no money down and no PMI, but look at your cap and make sure stay within itAir BnB can be good but make sure your association (if condo or townhome, or even SFH in community) allows it. 

I would think the involvement of any such association could be a hindrance to running a legal short term rental since so many restrict them. 

If you ask too much, and gain that reputation, the market will tell you very bluntly and you will be associated with all the other wholesalers that are pushing properties with very little margin.

@Cody Skidmore it seems as if you have the deal already in writing i assume if so that means in it's not in a LLC name. trying to take advantage of the current benefits of those costs going to be associated with the rehab Its best you go ahead today and create your LLC you don't want to lose 1 day of your advantages.

I'd highly recommend checking out the local real estate networking events on meetup.com and coming to as many of those as you guys are able.One of the bigger ones, Oklahoma City Real Estate Investors Association, meets tonight (Thursday) at 7p.The investor community here is relatively small and most folks are willing to help you connect the dots.Feel free to reach out if you ever need help with anything specific!

Are there any fee associate with transferring funds between your banks?

Are there any upfront cost associated with hard money loans?