It's not as simple as you may want to think.Your already behind if your father passed in Jan of 2016.. the estate taxes for that year are due April and unless you get an extension sounds like your not prepared to do much..

You need an Attorney to set this up and then probably a CPA to prepare return based on how business is legally set up.

Use money you save to invest in the stock market or property and/or to prepare to buy the home from your parents/siblings in the future.My parents financed the purchase of a $650k home for my brother and his pregnant wife.

Should I prepare a detailed P&L ?

I also believe that they need to be prepared to move their Investment Vehicle as much as possible to avoid obstacles that are difficult by utilizing the Stock Market.I also believe all big businesses these days do both.

In general, all of the costs associated with rehabbing the flip would go into the basis of the property and would reduce the gain at the time of the sale.There are many factors that impact your situation so find a qualified tax preparer that specializes in real estate to give you advice specific to your situation.Ed

Many investors fail, this is very high risk and as such you must be able to go in prepared to lose it all, if you have nothing to lose no one will want to invest in you. 

However, DTI is not calculated on the basis of a single year's tax return, but instead two years of tax returns are averaged to minimize the impact of expensive, one-time repairs.You don't really need a CPA to prepare a tax return.  

Make sure you are prepared and have a roommate removal agreement set so if something between them doesn't work out they can agree with your approval to let one off the lease and can then add another. but income wise I'd have them get new roommate approved before you let old one off.

I do not know how many loans they will give me but I am prepared to keep asking until they say no.Thanks for the input!