., a shoe store, or a business that flips real estate).UDFIOn the other hand, unrelated debt financing tax only applies to an IRA that incorporates debt financing for investing in real estate.

This is (generally) my preference, but I sometimes do it the other way, and I certainly see the logic behind doing it the other way if you're trying to save labor costs (sometimes it's difficult to put flooring around cabinetry).The prevailing factor for me is that I really, really, really hate for new carpet or freshly finished hardwood to get messed up by contractors who walk through the house in their shoes.

Most transgressions of law, landlord discrimination & aliens without status commiting other offenses, people falling asleep with your shoes still on in North Dakota, never see the light of day.  

I too am in your shoes, as you already know.

I know I have a lot to learn, but if you were in my shoes right now what advice would you give me?

If you have enough income from these deals, using an s-corp would allow you to distribute some of the profits as salary (subject to SET) and some as distributions (not subject to SET).But bottom line is fix and flipping is a business and you're taxed just like a shoe store or other business.

I hope this serves as a source of inspiration for those looking to get started and haven't found their first deal - I was in your shoes and if you stick with it you will get there.Happy investing and thanks BP @Joshua Dorkin @Brandon Turner and all the others who make this site a huge success.

Spray a few shots to your shoes/pant legs before going in.

Put yourself in these peoples shoes, your creditors are calling, people are calling you and knocking on your door and sending you letters all saying they want to buy your home.

I was in your shoes not too long ago & there are many many different brokers to choose from.