I'm sure you would have to be careful how the contract was written to protect both parties.

It's a rental, who cares.

I just hired a escrow company, buyer and me settled on price and terms, and escrow company took care of everything.

Care to share more of that criteria list?

That said, study and read these forums and pay attention to everything, but make sure you don't just blindly swallow everything! 

I'm the oldest; the others are in their mid-20s.We take care of the place, keep things quiet, and pay the bills on time.

We were very careful to disclose EVERYTHING with the buyer so that they were going in eyes wide-opened.

A flip is a business, so it is subject to ordinary income tax.The IRS does not care if you buy a house, improve it and resell it or you buy bread, mustard and lunch meat and make sandwiches - to them it is the exact same business model.You can search the vast number of writings I've done on this subject on Bigger Pockets.I agree with your CPA in all aspects and here is why.Running it through an LLC:  If this project comes in at a loss, how is your investor going to prove out their share of a loss or report it? 

Stay focused, learn, and take care of your personal finances!

They are usually happy to get a little bit of cash instead or worrying about Mom's old house that no one wanted or wants to take care of anymore.