Hello everyone, I am new to the business world of real estate and wanted to know if it was best for me to get my real estate license first to gain some knowledge before going in to wholesaling and what are some suggestions on how to get started?

You will pay tax on the annual income and gains in the account.2.)

I Think that the more time I spend in this project I am losing more than what I am gaining.

Good work @Dan Handford, the brokers loss and your gain.

Having said that, I'm looking for a residential property for my next investment so that I can gain some exposure to that asset type and see if it is of interest to me long term.Keep up the great work!

I’m hoping to find someone who needs a helping hand who I can assist in their real estate businesses all while gaining knowledge and confidence to start a real estate journey myself.

If you're asking about which method is better @Chris Montalvo, I think that would depend on the profit you are looking to gain.

I'm going to focus on that until I can build some capital and gain some experience (and hopefully partnerships) to advance to some more intermediate/advanced techniques like BRRR's, flips, and ultimately multi-family buy-n-holds to generate passive income.

If I buy land and sell off right away you pay large short term capital gains taxes.

@Dan CournoyerAll of the expenses that you listed, including allocated tax prep fees, portion of the phone bill, travel etc. are equally deductible with or without a partnership LLC.You cannot arbitrarily shift partnership income between husband and wife, no more than you can without an LLC.Good thinking, but you do not gain any tax advantage, other than lower IRS audit profile.