Department of Housing and Urban Development (HUD), annualized, and divided by the median sales price of residential properties in each county.ATTOM Data Solutions also incorporated weekly wage data from the Bureau of Labor Statistics and demographic data from the U.S.

People who are sufficiently interested in learning how can do as I did - 30 years of University Degrees and Post Graduate Courses, and the same amount of time working as a professional in Urban and Regional Planning, Real Estate, Securities Dealing and 20 years in Corporate Finance as a lawyer. 

Just incorporate that fee into your numbers.

Once in a while you see a BP success story about someone's first flip, and power to those folks, especially the ones with comprehensive "lessons learned" sections in those narratives.

He had a job in corporate finance for a large bank, and that's his forte.  

also would you recommend using an accountant since I can set up a basic one to start with on the government website.ThanksWe are incorporated, but only because it best fit our situation.  

Both pros and consPROCESS MANAGEMENTHave punctuated check-ins to prevent expensive reversals of major work (closed walls, etc)Some incorporate 12–13 check points for renos (dry wall, plumbing, inspection, etc)Include others on team as needed like architect, structural engineer, designer = creates system of checks & balancesGCs may oppose very specific timelines since much uncertainty with availability of sub-vendorsManage timeline of how long different team members stay on, e.g. architect may only stay on through primary buildIf GC is already working nearby on another property, reno can move faster by limiting GC travel time from other jobs, etcContractors not always great project mgrs — CDP reviewed manpower & timeline plan with GC, and gave input that took multiple wks off project timelineBe particularly present around property for finishings, and KNOW your preferences (outlet placement, etc)A good GC is very adept at managing inspections — knows what inspector is looking for, avoids common pitfallsKnow your “snowball” problems (e.g. one bad decision upfront impacts MUCH future work)MISCELLANEOUSFor foundation, can have slab vs stilts / raised — slab tougher for work like plumbing since limited accessWhat permits / processes can you look up and manage in advance / get started early on?

if the buyer does fund the transaction, how do i go about incorporating my fee?

More passive, more bang for the buck, and very tax-friendly - the IRS gives people more financial reward to be property investors than any other investment.To incorporate your potential love of flipping, I might suggest finding distressed properties, fixing them up, then renting them out.

we need your help to choose the business entity that is appropriate to our goals in REI. my partner and i are focusing on multifamily home rentals with sec8. we are trying to build passive income and maybe do flips on the side in illinois where we reside. do you think we should incorporate our business name with LLC or S-corp?