But if you do the math and incorporate cash flow, paydown, leverage, and depreciation, I'm sure he's making at least 12% IRR.

At which point , do I need to consult with lawyer , assuming LLC incorporating is done?

I have been doing digital media marketing for the last 4.5 years and plan to incorporate that skill into the real estate world once I get the ball rolling.

I have an LLC company I incorporated in 2011 (completely unrelated to real estate).

. #4 is a bunch of unnecessary incorporating questions.Here, this one is available: SteveGbuysTXhouses.com.

It's my understanding from reading here on BP that flipping is taxed as income, not capital gains; as such, would the money from a flip I bought and started last year but which is still owned count as a loss for last year's taxes, or is that money somehow now incorporated into my taxes at all until I sell the property?

So, you could indeed be dealing with deed restrictions rather than zoning.But if you're not in Houston city limits, it would either be the city if you're in an incorporated area or the county if you're not that would control zoning.

I'm a bit confused as some lenders incorporate prime, others use 1-year treasury and others are offering a fixed rate...This will be my first HELOC.

(i.e. beach chairs,bikes).

@Corey G. it actually sounds like either you or your attorney have it backward.I think you want a separate trust for each property, the trustee of all of which is an LLC, and the beneficiary is some other person, trust, or business entity.The reason trusts work as asset protection is because you as an individual, and the LLC trustee don't OWN the property, the trust does, and someone/thing else is the bene.I think you need to talk to a trust attorney ... it sounds a little bit like this attorney wants to charge you 4 times to write up LLC AoI (Articles of Incorporation).