Texas, DFW specifically, looks attractive in terms of the prices of houses and the cash flow that can be established.

The court first noted that a taxpayer may establish hours of participation in a real property trade or business by any reasonable means. 

If the bookkeeper is good they will also become a trusted advisor to your team on the financial side of your business. 

:When using a land trust, some banks are not very familiar with it and may have an issue not just with lending but establishing a basic account for the land trust can be a headache.

I will soon establish an LLC and open a business account to track income and expenses through that, but in the meantime I'm unsure of how to properly track expenses for the rehab.

The "purpose" of the co-op is to vet who lives in the building and establish what is/is not allowed.

Once you find and establish a good relationship with a local realtor you're destine to win!!!  

I will usually install a new roof, install new AC window units (This is acceptable in this market) and make sure that the exterior is free of trees since this area is well established and full of mature trees. 

Another note, make sure you establish a GREAT relationship with whoever sits on that committee.

Please seek out the guidance of a CPA and Financial Advisor knowledgeable about these types of products.