@Joshua McMillionThere's actually an IRS exception for military.

Hi @Ajay Sandhu, @Jason Tang, Happy to hop on a zoom call as well to discuss real estate, this could a good way to initiate an informal online meetup.I know @Harrison Montgomery would most likely be interested from a previous chat we had.

But first need to set up a corporation first.There is a very detailed question and answer PDF from the IRS, to clarify some ambiguities. 

But I'm not sure how to go about creating a proper Chart of Accounts.I'd like to have IRS Schedule E form as the type of expenses, but I'm not sure what is the Account Type and the Detail Type I should utilize.And generally speaking, I'd love to learn from those who use this tool - how do you use it? 

When it comes to establishing such a plan, you can get a set of documents and a wish of good luck, or you can engage professionals to assist you with administering your plan and adhering to the IRS guidelines as you operate and invest.  

I’m more into business than real estate so I like to be ready to hop into new deals when they present themselves.

I’ll hop around units until renovations are done on each unit until he completes the one I’m actually going to live in.

IRS doesn't actually forgive the shortage, but they will take a short payoff against the balance and release the lien from the property.

Profit on the short term flips are taxed as ordinary income at your marginal rate and subject to self employment income tax because the IRS sees you as selling inventory, not an investment. 

That makes you the tax payer for the property regardless of what name is on deed since the only way we communicated with the IRS is with tax filings.