@James Robert if you are flipping, even if you hold the property for 1yr, the profit is still taxed as ordinary income. 

Have your income statement both actual and projected, real estate owned, your detailed plan for going forward, have your FICO score, tax returns. 

Someone else I know who has a high W2 income was audited and had to pay penalties and back taxes.

I'm not looking to self manage for a while because I need to get a one year lease on this property for my personal debt to income ratio in another primary house.

Is my rental income from an Idaho property subject to Idaho state income tax?

If you take the rewards in cash back you need to claim it as income.

I am seeking to purchase BRRRR properties for long term investments as well as fix and flip opportunities for additional income in Brevard County.

I work in Construction Project Management and have found that way more people than I think have found an avenue into RE that has been supplemental income and even a hobby for them depending upon which route they took.

Say your firm splits 50/50 with you (there will be some variation of the split it could be as much as 80/20 or 70/30) but that $12,000 comes into the firm and say you get 50%, so your taxable income on the transaction is $6,000. 

Until then, Id really like to set up some passive income in the city based upon buying and holding units for rent.