We will set up an LLC with an S Corp election to use for flipping houses.  

If you elect to be taxed as a corp, you are electing to pay taxes twice on the income.

I elected to keep the renter, and had to fill out a "Landlord Packet" at the local housing authority.  

He also serves as Past President of the St.

Just so you all know ...I sold my property w/o a 1031 electing to take my money and run;  here's the tax hit:obvious capital gains tax, Sch-Dapplication of alternative minimum tax, form 6251depreciation & amortization, form 4562sale of business property, form 4797new for 2016, Net Investment Tax, form 8960Loss limitations for AMT, form 8582 AMTFed & State Depreciation schedule (class table values still on  the books)The B I G hit was the proceeds of the sale became income impacting the AGI and thus a major hit in the TAX RATE for the whole filing. 

However I do know that a single member LLC has no effect on taxes, unless you elect special tax treatment.

I do believe this election could hurt/harm that long term so I'd keep an eye on those outcomes and adjust accordingly.

LLCs can elect to be taxed as C Corp

Contact your elected officials in the United States House of Representatives and Senate, and tell them:You oppose limitations on IRA investment choice (Sections 138312 and 138314 of the House reconciliation bill).

I see on the TV this morning that President Biden is proposing to raise the capital gains tax rate from 20% to 39%.