*I'm a property manager, not an owner, so I do have a 3rd account for business expenses as required here in Oregon.There are a plethora of software/apps out there for managing properties and funds.

Your realtor should be the backbone of your business and be able to help with sending you personalized deal flow, building the rest of your real estate team (PMs, GCs, lenders, etc), showing you the good/bad neighborhoods, developing scope of work and estimating renovations, and so much more!

However, you can reduce tax liability by:Converting the flip into a rental for at least a year, allowing for depreciation and potential 1031 exchange benefits when selling.Offsetting gains with deductions, such as accelerating business expenses or using cost segregation for rentals.Using an S-Corp for future flips to lower self-employment taxes while keeping rentals in an LLC for liability protection.Deferring deductions to 2025 if your 2024 taxable income is high.While a 1031 exchange isn’t an option for flips, strategic tax planning can help minimize taxes.This post does not create a CPA-Client relationship.

He wants to live in one and use the other for his studio. 

Hi @Ashley MillerBanner Elk is a great place for STR due to the busy summer season, ski season, and fall leaf color season.

-- If there's no accountability, sales guys will say anything to get you business!

I run Forged Home Buyers, a San Antonio wholesaling business, and my business partner is an agent with Virtus Realty. 

I have known exactly one in my 10 years in the business.

Zillow lost so much money that they decided to exit the flipping business, while most of the OpenDoor properties we see in Las Vegas are sold at a loss.In my experience, software can only go so far when humans are involved.

I have noticed competitors charge as low as 10 to 15% but their quality isn't the best and then I have seen others charge 25 to 30% We remain in the middle and provide a small business experience with super host status.