Yes, you need an attorney, don't even attempt to do this on your own, there are many issues and requires legal aspects, lending/finance as well as insurance issues.

Are there any basics that I should know about flipping as well as basic first-timer mistakes that I can avoid?

That was my thought i just wanted to have someone else with more experience chime in, I'm wondering if these lovely state employees avoid the poorer areas of the towns, or might be the landlords just don't care or have the money

(avoids probate complications and maybe estate tax, if that is a concern... not for me)However, since they are in an LLC in my name, I don't know if it affects my ability to do so... any thoughts.http://www.transfer-on-death-deeds.com/transfer-on-death-deeds.com/Home.htmlhttp://www.nolo.com/legal-encyclopedia/free-books/avoid-probate-book/chapter5-1.html

There are some really helpful wholesalers here who really understand the marketing aspects and how to find motivated sellers and end buyers.

The goals is to avoid taxes as long as possible in order to pass the last property on.

Any suggestions on how to structure such an agreement or what to avoid?

Since I'm holding the properties for 5 months, I'm looking to avoid points and closing costs associated with a conventional mortgage.

Because if you're trying to fly under the radar and avoid permits and building inspectors and using unlicensed contractors for electric and plumbing work, then don't bother worrying about liability.

My company handles all aspects of home remodeling, however, if you are in a bind, I can try to help you out and send a person or myself to fix the problem.