@Muhammad Kashif Flipping a property in 6–9 months results in short-term capital gains, taxed as ordinary income (up to 37% federally, plus NJ state taxes up to 10.75%).

A better question is "Should I have a rental property in an LLC?"

Hi Jessica, I would suggest getting a propstream or any other lead generation account, finding cash buyers who bought similiar properties to yours in the last 3-6 months in the area of the properties you are looking to sell, skip trace then cold call or cold texting the list. 

I once owned a 20-acre mixed-use property in Illinois.

@Lauren Ruppert Yes, an LLC can sell a property to your child’s LLC, ideally at fair market value (FMV) to avoid gift tax complications.

I live in California (Central Coast) and have built a 12-door portfolio in Detroit, which has been a great market for both cash flow and long-term potential.Detroit still offers properties well below the $150k mark, with strong rent-to-price ratios and a market that’s seeing growth in key areas.

If not, work on Improving it before purchasing an investment property.  

If you want an ADU, buy a property with an adu.  

Why hasn't your property manager already answered this question?

It is definitely a bit more tricky on an investment property, but it can for sure be done.What area of Chicago is the property in?