On the tax side, I would encourage you to partner with a knowledgeable real estate CPA who can guide you through the transaction to ensure you can meet the qualifications of the STR loophole.

You can make an election (be sure to speak with your CPA about this) to treat all of your rental activities as a single activity.

I use @Amanda Han of Keystone CPA.

A cost segregation study looks at the overall building that you purchased and breaks it down as much as possible.The purpose of this is to increase the depreciation expense.Without a cost segregation study, you are depreciating the property over two items(Building and Land).However, a cost segregation study might identify items such as fencing which might be eligible to be depreciated over 15 years instead of 27.5 years.Depending on the year that the building was placed into service, you might be able to take bonus depreciation on certain items.The follow-up question to ask your CPA is will the cost segregation study help me, and by how much?

You'll also want to coordinate with your estate plan, and consider getting an estate plan if you do not yet have one in place.These are all things you will want to discuss with your attorney and CPA.

*This post does not create a CPA-client relationship.

Your LLC that flips might need to be S-Corp eventually.This post does not create a CPA-Client relationship.

I don't know much more specifically so ask your CPA about gift taxes (I think she could give you $17k of gift money a year without taxes) or capital gains taxes if/when you want to sell. 

@Heidi Fahringer wasted time doing several calls and then a meeting with a CPA and then got shocked with their proposed fee.After even more wasted time trying to find out from them why the fee was 10x what I had been paying - a lightbulb in my head finally lit up and I asked the revealing question and found they had a minimum charge.Obviously, we were not a fit.

Cost segs unlock these savings, but the losses won't offset your ordinary income from your job unless you are an RE Pro.Here's how to think about RE Pro status to make the best case with your CPA and the IRS:RE Pro Status starts with the IRS definition of a Real Estate Professional (IRS Pub 925).It is not as simple as getting a real estate license or working for a firm that provides real estate services.Ask yourself these questions to see if you qualify:Q1: Are you in the right business?