She will most likely have a tantrum and will make your life hell for a few days in some cases a divorce is filed.and3rd: you have to teach each other to work as a team, you both want to become successful so she doesn't get a check, you BOTH reward yourselfs with a well earned vacation or fancy dinner or what ever makes BOTH of you happy.

The overall goal would be to flip until I earn enough cash for a down payment on a rental, purchase rental, then continue flipping and purchasing rentals.The downside of this flip is I still have my full time day job, and this flip has been eating up every second of personal time that I have.

Also, we do intend to have our son be the property manager for the house and would pay him for that service with plans that he could treat that as earned income and could invest that in his Roth-IRA...any issues there I need to consider?

@Mariah Bonkowski You only have to drive through the city with the tax list and you will see Plenty of the bad and Ugly.On the surface tax liens seem like a win win situation. you either earn high interest or you get a property.

We bought close to the peak (shudder) in 2005 and the value has now recovered such that the value is around 8% more than we bought it for.  

@Kevin Vasquez You can set it up anyway you want, but I'm not sure if you would get anyone to lend you 27k for 5 years and only earn $2,700. 

One of the best ways to get current info from real estate Agents or Brokers including comparable sales info from the MLS and help you locate/find some motivated or off-market sellers before they are well known when you tell them what you are looking for and they earn your trust.  

I know this is probably basic tax knowledge, but still trying to learn more.Since I am needing to Show as much of this $500 a month ( $6,000 ) for the year as Actual Earned and Made Income on my behalf, to Increase and show a higher yearly Gross Income amount , while at the SAME TIME pay in as little taxes on this $6,000 as possible ?

Savings are nothing more than the difference between what you spend and what you earn, so you have two options (or a combination of the two) for increasing your savings: 1)reduce your expenses, 2)earn more money.

My company is Peak Design & Development if you're interested in checking us out.