OR even let's say a tenant is living there and something happens (use your imagination), if someone comes after you with a lawsuit and you have not already taken the property in the name of your LLC, it's too late. 

Be cautious with as you say a tired landlord and tenant in place, likely the tenant is not paying.Things you can do with tenant in place: curbside appeal, paint exterior~~ what does it need?

So you're asking someone to take let's say a 10% chance bet on you, when they might not even get the job anyway.

Depending on fees, Investment choice in your portfolio, and timing of your transactions, you may have had a bit of bad luck or it may be, as you say, a bad FA.

Or to be specific, I’m curious if there’s a way to legally write off the profits of a house flip, if there is a connection with the use of the house to say a construction business during the time of ownership.

For example: Let's say a painter would do that one room that you painted for $1,000, all materials & labor included, all surfaces.

First, I want to say a thank you to BiggerPockets and Brandon Turner for all they have done to help educate investors and of course I love watching and learning from Brandon's videos.

And strange to say, as I walked out of that courthouse weak-kneed in relief, I was proud of that.

That way you're controlling, say a $500k, asset for a substantially reduced amount, freeing up money to invest further or enjoy life. 

So let's say a person start's a electrical repair business.