I want to make an offer on a REO using a LLC (or whit a S Corp ) as a purchaser, once they accept the offer I will sign on behave of the LLC in order to get the contract, now that I secure the deal I will talk to my possible partners (I have already 6) investors to join me and I will let them close using the same LLC but at this point I will transfer it to them for a finder´s fee plus we will draw a JV agreement in which will state that we will split the profit at 50% on this way they will have the security on been on title and I will get the security of gaining my profit.Can this be done on this way  ?

Would the property gain margin really be that big ....

We haven't tried bringing private investors and third-party money because we want to gain more experience before doing that; we also have enough capital to invest for ourselves, as long as we can get financing to get a higher cash on cash. it just doesn't make sense to go hundred percent equity into rental property. 

You'll receive a stepped up basis on inheritance so no gains and no need for a 1031. 

BP is a great place to gain a lot of knowledge, I really appreciate everyone's input into it!

I would recommend reading Traction, by Gabriel Weinberghttp://www.amazon.com/gp/product/1591848369/He surveys how a lot of different startups got traction via different channels, and provides a framework for how to generate more traction.  

An owner may already know that and begin looking at a gain over depreciated carrying value, need to recognize that as well.

With the tax laws allowing you to exclude $250k in capital gains on your residence, you can buy properties on the cheap, live in them and fix them up, and sell every 2 years (you must live in the property for 2 out of 5 years) for a profit with no income taxes on the gain.Similarly, you can look to do the same with duplex, triplex, and fourplex properties.  

At the same time my short term goals are to get established and gain some experience in whole selling.

Is there anyone in Chicago that will let me wash their car and cut their grass in exchange for letting me tag along and gain some know how and experience in real estate.....I am serious.