Yes - rental income is taxed as ordinary income.

@Alan Russell was right here as well, your flips are not capital gains, they are ordinary income.

According to the title company there is nothing out of the ordinary.  

If it is indeed $15k it will be ST capital gain, and as mentioned above it's based on your ordinary income tax bracket. 

No you can't use your carried loss to deduct your capital gain and you don't want it to.PAL losses freed up from a qualified disposition offset ordinary income which is better.

That said, I sign the checks to these folks and we have a lot of investors that could live a pretty comfortable life from those checks alone...but people with that size of capital base typically don't live what ordinary folks would describe as "comfortable" lifestyles--their above average cost of living keeps them doing the things that built them that capital base to begin with.

Well, you are generating ordinary trade or business income in a partnership.

They don't help much, if at all, with offsetting ordinary income.

The reason for this is that wholesaling income is taxed as ordinary income and not long term capital gains.So while it is possible to form an llc then elect to have it taxed as a corporation then elect to have that llc that is taxed as a corporation elect subchapter s status, you might want to start with a corporation.

After they vacate, I inspect alone (check state law) and document anything beyond ordinary wear-and-tear.