Single member LLC, income is expected to be taxed as ordinary income.

So please keep that in mind when forming the entity.If you guys decide to do a buy and hold strategy - some type of partnership vehicle will work(GP, LP, LLC with a lot of people opting for the LLC)Fix and flips + wholesaling will likely want to be done in an s-corp if you expect to generate a decent amount of ordinary income.

SE taxes, ordinary income taxes, state taxes, transfer taxes, recording  & escrow fees, title insurance, etc all left out....

Photos of the interior show some flakey paint and dated interior, but nothing seems out of the ordinary - no signs of fire or flood or mold damage.

If my plumber/electrician/handyman/HVAC guys see anything out of the ordinary then they will let me know, and if possible snap a couple photos of the issue.

What I mean by "bad employee" is that I fight within myself to be ordinary.

.* Awful.Withdrawals are taxed at ordinary income rates, as if you earned that amount of money in that year.* Double awful.

Joe Walsh - Ordinary Average Guy :)

But check out the following BP post:https://www.biggerpockets.com/forums/48/topics/877...Speaking of underlying concepts, the reasoning for excluding CapEx from NOI is because CapEx items are generally infrequent in nature, not in the ordinary "operation" of the properties.

Just cap gains, And tax on depreciation you claimed while owning them at ordinary tax rates (25% max cap).The two year (perhaps soon to be 5) thingy is only for your primary residence.