Any advice on how to better source properties so that I can help the team grow their flip business?

If you're looking to accounting outsourcing your accounting/bookkeeping duties for your small business, several CPA and accounting firms in India cater specifically to small businesses in America.

I am bit afraid of possibly loopholes that can hurt my business

If an insurance company is replacing roofs every 5-10 years they will go out of business unless insurance was much much much more expensive.

It only matters as step 2, AFTER you already determined that it was a capital gains deal, as opposed to ordinary business profit.Step 1: Business or capital investment? 

Rates: 9% to 13% (Most Deals are 11-12%)Terms: up to 36 Months (Most Deals are 6-12 months)Fees: 2-4 points(%) of loan amount paid at closing (Most Deals are 3 points(%))Minimum Loan Amount: $50,000 (For loans less than $250,000 $2,500 minimum fee)Max Loan: 65%-70% of After Repair Value(ARV)100% Rehab Financing Available (Require 20% of purchase price down payment or cross-collateral)Closing Timeframe: 48 Hours - 3 Weeks (Most Deals are 2 Weeks)NO PRIMARY RESIDENCES, NON-OWNER OCCUPIED ONLY, BUSINESS AND COMMERCIAL USE ONLY.

In 45 years in the real estate investment business, I NEVER saw anyone long term successful in the business who wasn’t PASSIONATE about real estate.  

That even though I'm borrowing through an LLC...essentially business to business.

I am currently getting things lined up to purchase the Real Estate Salesperson License course for Illinois, am reading books on sales, listening to podcasts, putting together a business plan, looking up Investor Meetup groups, researching brokerages, and just about to finish the Bigger Pockets book on "How to Invest in Real Estate. 

However, it's also important to keep in mind that ordinances can change, and it's worth staying up to date on any potential updates or changes to the law.In my experience as an Airbnb investor, I've found that it's always a good idea to have a local real estate agent or property manager on your team to help navigate the specific regulations and requirements in a particular area.