I am involved in several partnerships including one that is a bit out of the ordinary, and hopefully several more of these shortly.

Ordinary income potentially subject to SE taxes for an asset used in a trade or business.And it's very unlikely you're going to get back when you paid for the asset when you're selling it with one year's use on it.

Getting an ordinary real estate license would be much more beneficial.

Painting depends - inside, ordinary and necessary repairs, expensed in current year.

This will be ordinary income, but not huge since it's only for a year and a half.2.  

Will the General liability under ordinary circumstances cover that?

I am looking for an accountant in the Lee county area that is well versed in the field of real estate.I have income that includes W-2, Flipping, Schedule E, Short term capital gains from stocks, and Short Term rental income.It's a pretty complex tax situation so I'd prefer only the best.Thanks,Brit

Will you charge for those services since it is outside the scope of ordinary management?

It just might be handled differently depending upon the entity.Income from buying and selling RE is ordinary income, so whether you record your expenses by the deal or just all in OE, the result will probably end up the same.Revenue - Expenses = Income

If that is the case you may be subject to a penalty and interest for underestimating your quarterlies (like to zero).That would would one reason among others to consult with a CPA.Wholesaling, flipping rehabbing etc are are short term activities subject to ordinary income tax rates up to 43%+ Federal.