@Nick Hedberg, To successfully complete a 1031 exchange you must use the services of an unrelated party called a qualified intermediary.  

Some say it is better to get your feet wet and go through the first flip from start to finish before setting up an LLC while others say to set it up beforehand.I will personally be investing $75K into the venture and my father is willing to invest an additional $100K in exchange for 30% of the profits.I think we'd be better off getting the LLC taken care of before purchasing our first property in order to protect our personal assets, but others have said it isn't a big deal if we have insurance and use contracts to properly protect ourselves with contractors, etc.I'd really like to hear the opinions of experienced BP members and I would appreciate any advice!

This will be work that is not visible to any buyer upon completion.I do not have the particulars on precisely what is needed; I am going to the house tomorrow for a better look.Someone whose opinion I trust -- and who has seen the house -- said I should prepare myself to spend $30K to $40K making this right.Assuming that I feel comfortable that $40K is the cap, the house should be a slam-dunk.

As far as I am concerned, storing your money in gold bullions does not provide any tax benefits, does not feed you with cash flow and is not eligible for like-kind exchange to avoid capital gain tax.

If they contact me by phone instead, I follow-up with them via email or text, mostly to have a written record of the exchange.

@Daniel Klucas, depending on how much work has gone into creating the lots and whether or not you can lump them into one sale, you may still be able to do a 1031 exchange and defer the tax into that.  

It sounds from your exchange that you fall into the third category.Am I a part of Scott's Mastermind Group?

I too do SFR rental properties in SoCal ... most BP'ers assume that those will not be profitable in this market, but that has not been my experience, and I'd bet not your family's experience either :) Happy to network and exchange notes on REI anytime ...

., loan application, loan approval, inspections, satisfaction of contingencies, title transfer, etc.Attend sales meetings at request of REALTORS.Process incoming and outgoing referrals as deemed correct by the company.Special events promotion, organization, and implementation.Handle bank and trust deliveries.Handle all transaction record-keeping in an organized, complete, and clear manner.Search legal and/or city/county records.Compile information and keep records for income tax preparation.DON’T: Make representations about the services offered by the real estate brokerage.Interpret documents or answer questions concerning documents.Ask, answer, or discuss questions concerning asking price, address, number of bedrooms, or other qualities of a property.Ask owners questions as to their housing needs in order to determine their interest in listing their property.Gather information on an owner’s house or a home an owner may be looking for.Provide information to the owner on properties listed.Request the names of others interested in buying or selling a property.Direct or assist in the procuring of a prospect which is calculated to result in the sale, lease, or exchange of real estate.Here is another example.

That is why I have been investing in the US, even with the unfavourable currency exchange,I have no plan to buy real estate in Alberta.