@Justin Worsham and @Luz Pagan - echoing everyone above it boils down to how I operate.

Social workers investing in real estate can operate a secont chance business.There are lower risk fish in the sea.

I work for a commercial mortgage broker that operates in all 50 states including Colorado. 

I need to always trust but verify in everything I work with others on.BEFORE PHOTOS:SNIPPETS FROM MY CONTRACTOR QUOTES:POST-REHAB PHOTOS:ANALYSIS NUMBERS (ANNUAL):Down Payment: $23,700Closing Costs: $1,455.80Rehab Budget: $8,500TOTAL CASH INVESTED: $33,655Gross Income: $15,600Insurance: $811.32Property Taxes: $1254.50Vacancy @ 7.5%: $1,170CapEx/Repairs @ 5% total: $780Management Fee @ 10%: $1,560NET OPERATING INCOME: $10,024.18PURCHASE CAP RATE: 8.45%Debt Service: $6,638.76NET CASH FLOW: $3,385.42CASH ON CASH RETURN: 10.06%NET CASH FLOW (w/out mgmt fee): $4,945.42CASH ON CASH RETURN (w/out mgmt fee): 14.69%

***DISCLAIMER*** I Own & operate a cleaning business.

Hello BP - I am planning to open an Operating, a Security Deposit and a Cap Ex/Reserve business bank accounts to manage my first multifamily rental.

.- Make sure you get all LLC documents (Articles of Org and Operating Agmt), and that the signatory on all loan docs (Note, DOT, Disclosures) matches the authorized signatory of the LLC perfectly.Good luck!

It is also operated under a single EIN, so there are some benefits through streamlining operations.With that being said, I would also have recommendations on separating your assets from your operations, but then I would veer quite far from your original question.

Profits from flipping at the volume you appear to be operating at would more likely be considered self-employment income subject to regular taxation plus self-employment taxes.In that case, being able to shelter some of that income from taxation by contributing to a Solo 401(k) could be advantageous.  

It's very nice and relatively easy to operate.