The corporation will operate in the taxable realm.This is a sophisticated strategy both to setup and properly maintain, and not something you want to get from a one-man law shop.

I'm reading "Getting Things Done", and hope to implement that level of organization soon, however it's tough to allocate the proper amount of time.Anyway, I've recently started an LLC, have my first buy and hold rented out, and am beginning my first flip. 

You'll need to work with title company and potentially a lawyer to structure the title and deed properly.

Their head construction  guy, who was supposed to assess cost of repairs  based on the report previously  mentioned, told us everything  he was seeing was water damage that had never been  properly  repaired, and he found mold in the closet next to the AC and in the air vents. 

Ive challenged them on this since there was not vote by the homeowners, that im aware of, and they essentially quoted as 2008 law  that says the the board can: (18) Exercise any other powers necessary and proper for the governance and operation of the association.The reason they have implemented is that there was a bad landlord that allowed a tenant to rent that eventually got busted for drugs.   

If you put the property in the LLC and it is properly formed and operated then your personal assets should be protected.

Is it properly zoned and permitted? 

Do you feel that maybe you could have done more to ensure you mitigated your risk as much as possible?

Make sure gutters and leaders are clean, angled properly, and run FAR AWAY from the house.Good luck!

Hi Ashish, cash offers can be very powerful, especially when framed properly.