My advice to you is simple:decide if you want a totally passive investment, where a project manger actually finds, rehabs, rents and distributes your cash flow back to you....or do you plan to be hands on?

We plan on doing most of the work ourselves but we know some of the projects will require a professional.

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? 

I will find out when this project is done and I crunch final numbers.I would love to hear from you. 

Absolutely the first thing is to decide what type of property you want to buy as you want that to be a project you are truly interested in doing.

Hello,I am a newbie in this industry that is looking to get into developing real estate projects in Orange County, CA.

However, if your project is small, you can find good marketers on freelancer.com or similar websites.

How long do you estimate the project will last?

In the project for a $64,500. 20% of my own money puts me at $12,900. so loan from the lender needed is $51,600. 

You're projected to lose money every month.