An LLC is a pass through for tax purposes, meaning that whatever net income comes into the LLC becomes taxable income to the LLC members in proportion to their shares of ownership.

@Randy Walters , your mom should be able to sell the house (primary residence for last 2 years or more) and $250k of gain is non-taxable.

If you rent it out 3 or more years that $100k will become taxable.

My CPA works hard to keep my taxable income as low as possible, and he’s really good at what he does.

Unfamiliar with how this works for a taxable year.

This is not taxable either, since it is a loan, and go buy more units as well.Or my favorite, do a little of both.1.

It would only be taxable to you if you then chose to have ETC issue a distribution from the IRA to you. 

Is the current owner's estate going to be taxable? 

They won't care if an account is off by $3- they will want to strategize, look big picture, know tax law in depth, and their biggest concern should be the your taxable income, treatments, and filings. 

Most, if not all, of the expenses related to the flip will be added to basis and used in determining the taxable profit upon the sale, so flip-related expenses should be noted as such, separately stated from other, non-flip-related expenses.