Brian,I’m not sure I agree with his reasoning some potential risks for you are;- once in corporations name who else might be staying there?

I had worked in corporate finance/accounting for the past 10 years, but decided to make a drastic career change and am going to focus exclusively on investing for the foreseeable future.  

But if you do the math and incorporate cash flow, paydown, leverage, and depreciation, I'm sure he's making at least 12% IRR.

At which point , do I need to consult with lawyer , assuming LLC incorporating is done?

I have been doing digital media marketing for the last 4.5 years and plan to incorporate that skill into the real estate world once I get the ball rolling.

I have an LLC company I incorporated in 2011 (completely unrelated to real estate).

. #4 is a bunch of unnecessary incorporating questions.Here, this one is available: SteveGbuysTXhouses.com.

It's my understanding from reading here on BP that flipping is taxed as income, not capital gains; as such, would the money from a flip I bought and started last year but which is still owned count as a loss for last year's taxes, or is that money somehow now incorporated into my taxes at all until I sell the property?

So, you could indeed be dealing with deed restrictions rather than zoning.But if you're not in Houston city limits, it would either be the city if you're in an incorporated area or the county if you're not that would control zoning.

I'm a bit confused as some lenders incorporate prime, others use 1-year treasury and others are offering a fixed rate...This will be my first HELOC.