I strongly believe in partnerships especially for new investors.

If that is the route your family person really wants to do, do it as an investment partnership, with a partnership agreement with the property titled in that entity, not in personal names, IMO.

He advised using a multi-member LLC taxed as a partnership, and using other tax strategies to make back the 15% or so you've lost in self-employment taxes.

You can not "make" your LLC an S-Corp.An LLC can elect to have the IRS treat it as a sole proprietorship, as a partnership, or as a corporation (C or S), but choosing a corporate election for TAX TREATMENT does not make the LLC a corporation.

I'm interested in knowing more about what kinds of structures some of you have for your businesses and whether it might work for me. (I will be seeking an attorneys advice as well) But before I do that, I want to get ...

If you redo the return and realize that it is not much of a big difference from what was originally done, you can wait and use form 8082 to true-up a partnership income or loss in the following year.

Once you find the deal, try to work out a partnership with the investor so that instead of flipping the property to them, you will be able to keep a small percentage like 5 or 10%.I know the percentage don't sound like a lot of money but the experience that you will get will be priceless.

Better get it all hashed out ahead of time - real estate partnerships that are not well thought out or entered into by inexperienced investors almost always end in problems with both parties feeling taken advantage of.

Our team currently works with private investors flipping, wholesale deals, etc.

I recently had a friend refer an investor/funder to me who agreed to match my other equity partners with a 50/50 split on the net.

No...

. § 707(b)(1)....To qualify for relief under chapter 7 of the Bankruptcy Code, the debtor may be an individual, a partnership, or a corporation or other business entity. 11 U.S.C. §§ 101(41), 109(b).