This policy may be applied to refinances of a subject rental property or to other rental properties owned by the borrower.

I don't have experience, but I am educating my self on the subject.

So, you cannot be the handyperson or hardware store delivery clerk for your IRA's flip transaction.Flipping is also something that is considered a trade or business activity, and if carried on at a regular or repeated basis the gains from such transactions are subject to taxation known as UBTI.  

This is commercial, lease payments or earnest money can reduce the sale price, it is not subject to Dodd Frank and the end loan is seller financed, no issue with allocating rents toward the purchase price in THIS transaction.I wouldn't mess with an option for less than a year, I'd go straight to the purchase contract with possession prior to closing under a master lease .

I am looking for a real estate attorney in Milwaukee that has experience and can draft a subject-to sales contract.  

If you do not have a partnership agreement and the assignment check was made out to you, you will have to 1099 your brother for his portion or you could end up paying the taxes on it.Your assignment fee will be taxed as ordinary income and could be subject to SE tax.It's hard to provide specific advice without knowing your whole financial situation, but I can recommend that you save some of the proceeds in a separate account for taxes.Let me know if I can be of any further assistance.Good luck on your journey and I hope this helps.Ed

I am an Indiana Boy, so I guess I have a biased opinion on the subject, however I am also one with not a whole lot of $, and I just can dabble here and there in real estate, buts it hard to keep with up with "Big Dawgs" in this game.

I am up and back from OH to GA on occasion and will begin to make more frequent trips to network and scout as summer of 16 gets closer.

You can use some strategies (such as 1031 exchanges) to defer taxation, but otherwise the profit on each flip will be subject to taxes.

See Publication 544, Sales and Other Dispositions of Assets.You are subject to expatriate tax.